DeFi (DEFT) Soars on Stablecoin Approval

We recently published 10 Small Stocks with Mighty Gains. DeFi Technologies Inc. (NASDAQ:DEFT) is one of the top-performing stocks on Wednesday.

DeFi Technologies rallied for a second day on Wednesday, soaring 20.87 percent as investors cheered the approval of its own stablecoin.

In a statement on the same day, DeFi Technologies Inc. (NASDAQ:DEFT) said that its venture portfolio company, Canada Stablecorp Inc., and the QCAD Digital Trust have secured regulatory approvals for its QCAD stablecoin, making it Canada’s first compliant CAD stablecoin.

DeFi (DEFT) Soars on Stablecoin Approval

Following the approval, DeFi Technologies Inc. (NASDAQ:DEFT) said that it intends to focus on scaling QCAD across three core areas: product development, liquidity and market access, as well as security and future-proofing.

Through Valour Inc., DeFi Technologies Inc. (NASDAQ:DEFT) said that it would develop QCAD-integrated products, including CAD-linked ETPs, yield products, and structured solutions that provide regulated access to the digital asset economy for retail and institutional investors.

It would also partner with BTQ Technologies Corp. to ensure a post-quantum security roadmap for QCAD.

“QCAD’s approval as Canada’s first compliant CAD stablecoin is a pivotal milestone for Stablecorp and for the Canadian digital asset market,” said DeFi Technologies Inc. (NASDAQ:DEFT) Chairman and CEO Johan Wattenstrom.

“Having a fully regulated Canadian-dollar rail fits squarely within our strategy of backing category-defining infrastructure and allows us to support QCAD’s growth across our platform and our broader institutional network.”

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Disclosure: None. This article is originally published at Insider Monkey.