Stablecorp and Shift Markets to leverage Circle’s payment solutions and create cross-border digital asset payments and FX corridor with Canada SailGP team as pilot user

The railroad allows Canadian and U.S. companies to seamlessly activate
payments in fiat and digital assets using the Algorand blockchain for fractions
the cost of traditional rails.

TORONTO, October 3, 2022 /PRNewswire/ — Stablecorp and Shift Markets, the world’s leading digital asset infrastructure firms, today announced a collaboration to establish a cross-border payments and on-chain exchange (FX) system between Canada and United States using Circle’s payment infrastructure. This cross-border rail allows assets to move between the two countries entirely on-chain, with Shift Markets providing on-chain currency conversion between multi-currency stablecoins.

Team Canada SailGP, which competes on the ultra-competitive international SailGP circuit, becomes one of the first partners to leverage this rail to improve the efficiency of paying its athletes and suppliers globally. Tom Ramshaw, a two-time Olympian and Team Canada SailGP tactician, will be the first SailGP athlete to accept their paycheck entirely in USDC on the Algorand blockchain. “It’s really exciting to be the first SailGP team member and athlete to be paid with digital assets, even better than it being on the Algorand blockchain, our Tier 1 partner,” Ramshaw said. about the partnership.

To implement this cross-border payment, the Canada SailGP team will leverage Grapes Finance, the newly launched Stablecorp cash management platform, to seamlessly convert Canadian fiat into any of Stablecorp’s Canadian QCAD stablecoins. . This QCAD is then converted into USD Coin (USDC) or Euro Coin (EUROC) on the cables of Shift Markets’ on-chain FX platform. USDC or EUROC is then settled through Circle’s payment infrastructure, allowing Canada SailGP Team and others to make 3-way digital asset and fiat paymentsrd party vendors and athletes like Ramshaw.

Given the all-on-chain nature and very low transaction fees of the Algorand blockchain, these transactions can be settled almost instantly (including weekends) and for close to zero fees. Shift Markets leverages a large pool of FX liquidity using its own Cables Finance product to maintain highly efficient trading pairs on multi-currency stablecoins including QCAD/USDC and QCAD/EUROC. In total, Stablecorp estimates that total fees and spreads on cross-border transactions can be reduced by up to 95% and settlement time reduced from three to five business days on average to near instantaneous.

“There is such a need and lack of resources for cross-border payments and on-chain foreign exchange transactions. By partnering with Stablecorp, we are taking some fundamental steps to create a fast, secure and cost-effective infrastructure to propel this financial ecosystem .on the blockchain,” said Ian McAfeeCEO of Cables Finance.

President and CEO of Stablecorp Alex McDougall said: “Digital assets have been seen as a panacea for financial friction, but until now we haven’t implemented these kinds of connected, ecosystem-driven solutions that allow individuals and businesses to really monetize those friction reductions. $1.7tn Canada / The US Corridor is a fantastic avenue to start implementing these types of solutions and we are excited to be working with Circle and Shift Markets to provide this valuable treasury solution to the Canada SailGP team.”

“The future of finance is digital, and our goal is to be the first fully digital SailGP team, possibly a sports team, in the world. This collaboration is just one example of our partners, Algorand and Stablecorp , working together to deliver game-changing solutions that are both efficient and seamless,” said Fred PieFounder and owner of Canada SailGP Team.

About Stablecorp

Stablecorp is a leading Canadian fintech company developing bank-grade blockchain technology. Through its three product lines – Forge, Grapes and YaaS – Stablecorp combines cutting-edge technology with innovative approaches to meet customer needs to create “step-by-step” improvements in financial services. Stablecorp focuses on consumer and retail cash management, including cross-border payments, foreign exchange, and leading analytics on digital asset borrowing and lending solutions, all leveraging blockchain technology. For more information, visit https://www.stablecorp.ca and https://www.grapefinance.com

About the circle

Circle is a global financial technology company that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications around the world. Circle powers commerce and payments native to the internet all the time and is the issuer of USD Coin (USDC) and Euro Coin (EUROC). Today, Circle’s transactional services, business accounts and platform APIs are giving birth to a new generation of financial services and business applications that promise to increase global economic prosperity for all through a frictionless exchange of value. Learn more at https://circle.com.

About lag markets

Shift Markets provides cryptocurrency exchange solutions, brokerage technology, liquidity, risk management, compliance, and marketing services for clients. Shift Markets is dedicated to promoting financial equality in the emerging FX and Crypto markets by providing cutting-edge technology to its clients. With finance constantly changing, Shift is dedicated to providing a better financial ecosystem for customers and the world around us. Learn more at https://www.shiftmarkets.com/.

About the Canada SailGP Team

The Canada SailGP team is an independent team and was the 10th team to join SailGP at the start of Season 3 in Bermuda. The team and its partners are committed to increasing access to sailing by Canada and create a pathway for extraordinary athletes in sport, while protecting our ocean. SailGP.com/teams/canada/

CONTACT:
stablecorp
Chris Clemens
[email protected]

Team Canada SailGP
Jennifer HallMarketing & Communications Manager
+39 375 658 8515
[email protected]

SOURCEStablecorp