Canada Stablecorp Inc announced the official launch of its Canadian Dollar stablecoin “QCAD”. Starting today, users can purchase QCAD directly through Canadian exchanges and use it to trade and transact at an exchange rate pegged to the Canadian dollar (CAD).
Gilded has long believed in the power of stablecoins to accelerate the adoption of cryptocurrency by businesses. Near-instant settlement, extremely low fees, and no volatility make stablecoins clear winners for cross-border commerce.
A recent report by Deloitte indicates that mid-market B2B payments are under-served, and the highest friction points (high processing fees, payment delays, manual AP processing, limited visibility, etc) are all addressed by cryptocurrency.
The report also found that Canadian remittance contributed to over 15% of all US B2B cross-border payments. In 2014 alone, this yielded over $66 billion in transaction volume with a 9% CAGR.
Gilded's partnership with Stablecorp empowers Canadian businesses to transact using the QCAD stablecoin today and receive benefits like near-instant settlement and lower fees. Gilded offers an end-to-end invoicing, payments, and accounting solution with full QCAD support. Gilded also integrates with QuickBooks Online to simplify accounting for businesses transacting in QCAD.
In the future, Gilded will reduce friction in US/Canada cross-border commerce by enabling US-based businesses to transact in USD-backed stablecoins like USDC while counterparties in Canada transact using QCAD.
Said Gilded CEO Gil Hildebrand: "The QCAD stablecoin gives Canadian businesses a faster, cheaper, more transparent way to transact globally. Gilded will enable enterprise adoption of QCAD through integrated payments and accounting solutions. Today, you can send an invoice in CAD and give customers the ability to pay in QCAD. Now, Canadian companies can #OptIntoOpenFinance."
Sign up for a free Gilded account at https://get.gilded.finance.