Deloitte Canada and Stablecorp Team Up on QCAD Stablecoin Infrastructure
Deloitte Canada and Toronto-based fintech Stablecorp have partnered to develop stablecoin infrastructure for Canadian financial institutions. The initiative involves integrating Stablecorp's Canadian dollar-pegged stablecoin, QCAD, into payment and settlement workflows.
The goal is to help banks prepare for stablecoin adoption before a full regulatory regime is in place, according to Soumak Chatterjee, a partner in Deloitte Canada's financial services division. Several potential applications were outlined, including around-the-clock payment processing, faster settlement compared to traditional banking systems, and blockchain-based transaction recordkeeping.
The partnership comes as the Canadian federal government advances Bill C-15, which includes a proposed framework to regulate fiat-backed stablecoins at the federal level. The Bank of Canada has called for clearer stablecoin rules, arguing that regulatory certainty is needed to modernize the country's payment systems.