Stablecoins are becoming incredibly popular around the globe, as they help traders mitigate risk and exposure to crypto markets without converting back into fiat. This means that you can token swap in wallets rather than having to head back to an exchange and paying the exorbitant exchange fees. To bring Canada to the stablecoin party, Coinsquare has created and listed the world’s first CAD-pegged stablecoin. The eCAD will be pegged with the CAD at a ratio of 1:1 and is available to be bought from Coinsquare right away.
Stablecoins Packing Huge Bonuses
USDDEX decided to throw its hat into the USD stablecoin ring back in March, and did so by taking a jab at Tether. USDDEX has an A++ security audit rating, which is available from its website, along with a full report of the funds kept in storage to keep the USDDEX pegged to the USD at a value of 1:1. For investors who joined the USDDEX party early on, it was offering a whopping 45% bonus, meaning early investors could make a tidy bit of profit for backing the project. This system is becoming increasingly popular when it comes to drawing in crowds to help fund the project.
A Possible Payment Method?
It might seem like a far-out and crazy idea, but a number of governments around the world are contemplating accepting stablecoins as recognized currencies. Texas is currently at the forefront of the hype, and it’s considering making USD pegged stablecoins legal tender. If it does, then every business in the state will legally be able to accept USD pegged stablecoins. Due to the fact that stablecoins are pegged at a value of 1:1 to the USD, they are essentially no different to the money stored in your bank account – in the eyes of the law at least. Now Canada has its own stablecoin, the Canadian authorities could be quick to follow suit and start permitting eCAD payments.
Fee-Free Funding in April
To celebrate the launch of the eCAD – and to help draw in new business – Coinsquare is making April fee-free funding month. That means any deposit made into the exchange can be done so free of charge. Usually the maximum fee is 2.5%, but it’s waving those fees for the entire month of April – so head over to Coinsquare and fund your account before the deal of a lifetime runs out.
The eCAD is a huge move for the Canadian crypto industry, as it will help fuel the demand for crypto trading in the country. While Canada is still reeling from the QuadrigaCX incident, the news of the eCAD could help put investors’ minds at ease.