PANews reported on May 23 that according to Betakit, Canadian stablecoin issuer Stablecorp has completed a $1.8 million financing, with investors including Coinbase Ventures and Side Door Ventures. The funds will be used to expand the infrastructure construction of the Canadian dollar stablecoin QCAD, including the establishment of on-chain foreign exchange liquidity and payment channel integration.

The company announced that it will simultaneously carry out structural reforms of QCAD, including the establishment of an independent trust QCAD Digital Currency Trust to manage reserve assets, implement daily market value reports, monthly reserve certifications and annual audits. QCAD is currently jointly operated by crypto asset management company 3iQ and blockchain developer Mavennet Systems. In 2022, it received an investment of 1.9 million Canadian dollars from Circle Ventures and other institutions.