A Canadian company, Blockchain Venture Capital Inc., has developed a stablecoin, CADT, pegged to the Canadian Dollar as the country celebrated Canada Day. Like all stablecoins, CADT will be pegged 1:1 with the Canadian Dollar and will have reserves backing it.
The company issuing the stablecoin, BVCI, is regulated by the Canadian Financial Services Department and has extensive legal and digital asset brokering experience.
Reuters reported that the CADT, which is similar to the recently-launched Facebook’s Libra Coin, will be maintained by the BVC Network, which is an open and collaborative financial service ecology. Just like Libra’s “The Libra Association,” CADT’s BVC Network will allow consumers, developers and businesses to use the BVC Network to build products that can be applied in different payment scenarios by providing such users the ability to add value in ways previously unattainable.
The report further added,
“CADT was developed by Blockchain Venture Capital Inc. (“BVCI”) （www.bvcadt.com, a Canadian company incorporated pursuant to the laws of Ontario. BVCI specializes in blockchain research and development. BVCI has independently developed a public, decentralized blockchain (BVC Chain) that combines Ripple and Ethereum blockchains.”
Unlike traditional fiat settlements which usually take a long time for settlement and fees, digital currencies, including stablecoins, help reduce this friction and ease payment transfers.
Further, BVCI has also developed BVC Pay, an all-in-one mobile application that acts as a wallet, OTC platform, exchange, and an on-ramp to purchase digital currencies. Additionally, another company, DLT Payment, is said to have plans to issue a stablecoin pegged 1:1 with the Singapore Dollar.
A Twitter user, @philosophyofmet, commented,
“This is the first sign of a new digital exchange rate arrangement methodology which will replace the old fiat USD uni-polar one. For me, this is what I believe the phrase “level playing field” is referencing, with XRP being the bridge between all stable coin”