Canada Issues Final Nod to QCAD

Stablecorp Digital Currencies Inc. disclosed that Canada has officially entered the era of regulated digital dollars after the QCAD Digital Trust received its final prospectus receipt, qualifying the distribution of QCAD tokens — now recognized as the country’s first compliant CAD stablecoin.

The approval follows a lengthy, multi-year review process involving the Canadian Securities Administrators, during which Stablecorp worked on behalf of the QCAD Digital Trust to align the product with Canada’s current regulatory framework for stablecoins. The company noted that the milestone sets a new standard for transparency, supervision, and operational clarity in the domestic digital-asset sector.

Jean Desgagne, chair of Stablecorp, said the project was built on a philosophy of doing things “the right way,” adding that the approval reflects both regulatory cooperation and a broader commitment to modernizing Canada’s financial infrastructure. Fred Pye, a director and co-founder, called the journey “an uphill battle,” comparing it to his experience launching the world’s first regulated bitcoin exchange-traded product (ETP).

Amid the announcement, Jeremy Allaire, the chief of Circle, issuer of the world’s second-largest stablecoin USDC, chimed in on QCAD.

“It’s great to see more clearly regulated stablecoins coming online; we’re excited to have QCAD as a Day 1 currency launching on Arc,” Allaire wrote on the social media platform X.

QCAD maintains a 1-to-1 backing with Canadian dollar reserves held at regulated financial institutions, a structure designed to support instant, low-cost transactions and serve as a bridge between traditional finance and blockchain-based applications. Stablecorp says the token is aimed at use cases ranging from e-commerce and payroll to cross-border transfers, foreign exchange, and Web3 integrations.

Read more: U.S. Bank Explores Stablecoin Issuance on Stellar Network

The firm highlighted independent audits and public attestations as central features of its transparency model, noting that consumer protection remains a priority as digital payments evolve. With backing from Circle and Coinbase, Stablecorp argues the launch sets the groundwork for additional innovation in Canada’s digital-asset markets.

Stablecorp CEO Kesem Frank said the approval “lays the rails for a new financial system,” describing QCAD as a foundational component for future Canadian digital-asset development. Public access will expand through the company’s network of partners and exchanges.

FAQ ❓

• What is QCAD?
  QCAD is a CAD-backed digital token maintained at a 1-to-1 reserve ratio with Canadian dollars.
• Why is this approval significant?
  It marks the first time a CAD stablecoin has been qualified under Canada’s regulatory framework.
• Who operates the QCAD Digital Trust?
  The QCAD Digital Trust is administered in Ontario and serviced by Stablecorp Digital Currencies Inc.
• Where can users learn more about QCAD?
  Details are available on Stablecorp’s website and through the trust’s profile on SEDAR+.

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