Following the launch of the EURS/SEUR Pool, I’d like to propose adding another currency pool. Specifically for TCAD (TrueCad) and QCAD, fiat backed stablecoins based on the Canadian Dollar.
TrueCAD and QCAD are two Canadian Dollar stablecoins currently on the Ethereum blockchain. While still small in contrast to USD based stablecoins, they offer important exposure to the Canadian Dollar for individuals that wish to limit devaluation of their assets if in USD. This is especially the case in the current economic environment.
The CAD also has significant growth potential. There is limited access to CAD stable coins across most exchanges today however, the CAD/USD pair is the fifth largest pairing globally, behind EUR, GBP, and AUD, making up almost 5% of all FOREX trades.
The addition of the EURO pool is just the beginning for Curve in adding other currencies to the protocol. Adding CAD - TrueCAD and QCAD would be a way to diversify the currency pools. While TrueCAD and QCAD have low market caps, a Curve pool could incentivize additional liquidity and provide a bridge between the two stablecoins providing those who wish to trade in CAD greater access the the Canadian Dollar denomination.
Adoption of TrueCAD and QCAD remains low as does accessibility. GBP and AUD might present better opportunities to add other currencies beyond CAD in the short run. An exchange mechanism - CAD/USD, EUR/USD, etc for stablecoins in curve might also be better to pursue in the short term.
This is the proposal.