Stablecorp Digital Currencies Inc. announced a major breakthrough for Canada’s financial sector after regulators approved the QCAD Digital Trust’s prospectus, clearing the way for nationwide distribution of QCAD tokens.
The Monday decision makes QCAD the first fully compliant Canadian-dollar stablecoin in the country, marking a moment that the company says will shape Canada’s position in the global digital economy.
The approval follows several years of evaluation by the Canadian Securities Administrators. Stablecorp, which oversees the QCAD Digital Trust, worked closely with regulators to create a product designed for both innovation and public protection. The firm said the long process reflects its belief that digital currency should follow the same expectations placed on traditional finance.
Jean Desgagne, chair of Stablecorp, said the company aimed for a path that matched public expectations from the start. He noted that the approval serves as a national benchmark for balancing new technology with regulatory stability. He added that the decision should reassure Canadians who want access to digital currency without taking on unnecessary risk.
Fred Pye, a director and co-founder of Stablecorp, said the project evolved from early experiments in 2020 when the company minted the first Canadian-dollar token. He said the team pushed through setbacks because it believed the technology would ultimately change how Canadians move money.
He compared the achievement to earlier efforts that led to the first regulated Bitcoin exchange-traded product. The accomplishment, he said, confirmed his view that the firm functions best when it aims for major industry shifts.
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QCAD links banks and decentralized finance
QCAD operates as a blockchain-based token that holds a fixed value of one Canadian dollar. Stablecorp keeps one dollar in reserve at regulated financial institutions for each QCAD issued. This structure ensures that users can redeem tokens for cash at any time. It also opens the door to new payment tools that can run at much lower cost than existing financial networks.
QCAD allows individuals and businesses to send money almost instantly. These transfers typically cost far less than traditional wire services or payment processors. Additionally, the company said faster settlement could support e-commerce, payroll systems, remittances and personal payments. It could also reduce friction for people who buy or sell foreign currency.
The token also serves as a link between Canada’s current banking system and decentralized digital platforms. Developers can integrate QCAD into Web3 applications, trading platforms and blockchain-based services.
The reserves that support QCAD will undergo routine audits and public reporting. Stablecorp said this level of scrutiny will give users a clear view of how the reserves function. The company added that it expects these audits to build trust among Canadians who remain cautious about digital assets. Furthermore, the firm said transparent reporting will differentiate QCAD from unregulated stablecoins that hold mixed or opaque reserves.
Stablecorp receives support from global digital-asset leaders, including Circle Internet Group (NYSE: CRCL) and Coinbase Global (NASDAQ: COIN). The company described this backing as evidence that established firms see value in a regulated Canadian-dollar stablecoin. It also said the partnerships will help scale distribution as the token becomes more widely available.
The rollout will occur in stages as Stablecorp coordinates with those partners to prepare for wider retail adoption.
