Stablecorp

What Stablecorp does

Stablecorp is a Toronto-based Canadian fintech founded in 2019 that develops and operates QCAD, a Canadian-dollar-pegged stablecoin and the first regulator-approved CAD stablecoin in Canada. The operating entity Stablecorp Digital Currencies Inc. is a FINTRAC-registered Money Service Business (registration number M22234558), and QCAD is issued by the QCAD Digital Trust, a regulated trust vehicle with a final prospectus dated November 20, 2025 following Canadian Securities Administrators approval in November 2025. Each QCAD token is fully backed 1:1 by Canadian dollar reserves custodied at VersaBank via the VersaVault digital custody platform, with monthly third-party reserve attestations, and core infrastructure runs on AWS data centres located in Canada for data residency.

The platform is built as programmable stablecoin infrastructure delivered via APIs and integrations to enterprise financial institutions, fintechs, exchanges, and liquidity providers. Stablecorp sells QCAD through direct enterprise sales to Canadian banks and fintechs, supported by a Deloitte Canada strategic alliance, and distributes it through channel partners including VersaBank (custody), Kraken (exchange listing), Circle StableFX (onchain CAD/USD cross-border settlement), Stillman Digital (liquidity provision), and Valour (product development). The firm has also engaged BTQ Technologies on a post-quantum cryptography roadmap for the QCAD infrastructure.

The business model combines transaction fees on issuance and redemption of QCAD, subscription/quote-based enterprise and API revenue, and usage-based economics driven by partner-originated flows (Kraken trading, Circle StableFX settlement). Pricing is institutional-only and not publicly disclosed; contracts are negotiated and tend toward multi-year terms. Funding to date totals approximately USD 1.8 million (May 2025, Coinbase Ventures-led seed) plus approximately CAD 5 million (September 2025 strategic round led by FTP Ventures, with participation from DeFi Technologies, Coinbase Ventures, Circle Ventures, and Side Door Ventures). DeFi Technologies (NASDAQ:DEFT) holds a significant stake and is described as Stablecorp's parent or venture portfolio company.

Name

Stablecorp

Legal name

Stablecorp Inc.

Website

https://stablecorp.ca

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Stablecorp is a Toronto-based Canadian fintech that issues QCAD, Canada's first regulator-approved CAD-pegged stablecoin, serving Canadian banks, fintechs, exchanges, and enterprises via 1:1 CAD reserves custodied at VersaBank and integrations with Circle, Kraken, and Deloitte.

Ownership category

akta.pro rank

Product category

Stablecoin Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Stablecoin Issuers (Fiat-Backed) (FSADADAA)

akta.pro secondary industries

Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB), Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE), Compliance, Attestations, Proof-of-Reserves & Reporting (Stablecoins) (FSADADAI), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)

Keywords

• CAD-pegged stablecoin
• Blockchain payments infrastructure
• Digital currency issuance
• Institutional fintech rails
• Stablecoin-as-a-service

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Stablecoin issuance & redemption services: Revenue generated from issuance and redemption of QCAD stablecoin to financial institutions, fintechs, and exchanges; reserves held in regulated Canadian financial institutions support float-based and service economics. Specific fee schedule not publicly disclosed.
2. Enterprise infrastructure & API services: Stablecorp provides programmable stablecoin infrastructure (issuance, redemption, integration) to enterprise customers such as banks and fintechs (including via the Deloitte strategic alliance), generating API and platform service revenue. Pricing is quote-based / not publicly disclosed and targeted at institutional use only.
3. Partner-driven distribution economics: Distribution via partners (Kraken exchange listing, Circle StableFX integration, Stillman Digital liquidity provision, Valour product development) creates transaction- and volume-based economics tied to partner-driven flows. Specific economics not disclosed.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels4 records

Core offering

Stablecorp develops and operates QCAD, Canada's first regulator-approved Canadian dollar-pegged stablecoin issued by QCAD Digital Trust. Each QCAD token is fully backed 1:1 by Canadian dollar reserves custodied at VersaBank via VersaVault, with monthly third-party attestations. The platform delivers programmable, 24/7 CAD digital settlement infrastructure to institutional clients including banks, fintechs, exchanges, and large enterprises for cross-border payments, inter-bank clearing, treasury, and FX use cases.

Product overview

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Differentiator

Problem solved

Functional benefit

Brands

• QCAD: Canada's first compliant Canadian Dollar stablecoin, fully backed 1:1 with Canadian dollars held in reserves at regulated financial institutions, with monthly third-party attestations.

Products and services

• QCAD Stablecoin A 1:1 Canadian dollar-pegged stablecoin issued by QCAD Digital Trust, fully backed by CAD reserves custodied at VersaBank via VersaVault, with monthly third-party attestations. Designed for institutional use — including banks, fintechs, exchanges, and enterprises — for cross-border payments, inter-bank clearing, treasury, 24/7 settlement, and onchain CAD/USD FX.
• QCAD Stablecoin Infrastructure & API Services Programmable, API-first stablecoin infrastructure providing issuance, redemption, and integration capabilities to enterprise customers such as banks, fintechs, and exchanges. Delivered via APIs and integration rather than as packaged SaaS, enabling partners and financial institutions to embed compliant CAD digital rails in their products.
• QCAD on Circle StableFX (CAD/USD Cross-Border Settlement) Integration of QCAD into Circle's StableFX platform to enable onchain CAD/USD cross-border settlement for institutional users. Extends QCAD distribution into global onchain FX infrastructure.

Quantifiable outcome

• Canada's first regulator-approved CAD-pegged stablecoin
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered flagship, core and minor.

• CircleflagshipTechnology or Integration · 21 May 2026Integration of QCAD into Circle's StableFX platform, announced May 21, 2026, enabling onchain CAD/USD cross-border settlement for institutional users of the StableFX product.
• KrakencoreChannel Partner/ Reseller/ Distributor · 21 April 2026Kraken listed QCAD on its exchange (announced April 20-21, 2026), expanding distribution of QCAD to Kraken's global user base and supporting trading against other digital assets.
• Deloitte CanadaflagshipStrategic or Co-development Partner · 23 March 2026Strategic alliance announced March 23, 2026. Deloitte and Stablecorp will collaborate on deploying QCAD-based stablecoin infrastructure to Deloitte's enterprise clients across Canada, covering cross-border payments, inter-bank clearing, treasury, and 24/7 settlement use cases.
• VersaBankflagshipImplementation/ SI/ Consulting Partner · 4 February 2026VersaBank, via its VersaVault digital custody platform, acts as the regulated Canadian custodian for QCAD's CAD reserves and accepts QCAD deposits from institutional clients. Partnership announced February 3-4, 2026.
• ValourcoreStrategic or Co-development PartnerValour, a subsidiary of DeFi Technologies, is engaged in product development work tied to QCAD, supporting creation of QCAD-related investment products.
• Stillman DigitalcoreStrategic or Co-development PartnerStillman Digital provides liquidity provision for QCAD, supporting secondary-market trading and exchange liquidity.
• BTQ TechnologiesminorStrategic or Co-development PartnerStablecorp is working with BTQ Technologies on a post-quantum security/cryptography roadmap for the QCAD infrastructure.

Scale indicators6 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• Circle: Issuer of USDC and EUROC, the largest regulated USD stablecoin and a major euro stablecoin. Comparable to Stablecorp as a fiat-backed, regulated stablecoin issuer with monthly attestations and institutional focus; Stablecorp's QCAD is explicitly integrated into Circle's StableFX platform, making Circle both a peer and a partner.
• Tether: Issuer of USDT, the largest stablecoin by circulating supply. Comparable to Stablecorp as a fiat-backed stablecoin issuer serving institutional and exchange customers globally, though Tether operates outside of a comparable Canadian regulatory regime.
• PayPal: Issuer of PYUSD, a US-regulated stablecoin issued through Paxos. Comparable to Stablecorp as a large incumbent entering the regulated stablecoin space with an existing payments user base that provides a built-in distribution channel.

Direct peers

• Paxos: Regulated issuer of USDP (formerly PAX) and issuer of PayPal's PYUSD. Highly comparable to Stablecorp as a regulated, fiat-backed stablecoin issuer serving enterprise and fintech customers under US regulatory oversight.
• MakerDAO (Sky): Issuer of DAI and USDS, crypto-collateralized and RWA-backed stablecoins. Comparable to Stablecorp as a stablecoin issuer serving onchain financial infrastructure, though DAI's collateral model differs from QCAD's pure fiat reserve model.
• BCU International (CADC): Issuer of CADC, a competing Canadian dollar stablecoin. Most direct comparable to Stablecorp's QCAD in terms of currency peg, target use cases (cross-border payments, exchange trading), and institutional focus.
• StraitsX (XSG issuer): Issuer of XSGD, a Singapore dollar-pegged stablecoin. Comparable to Stablecorp as a regional fiat-backed stablecoin issuer operating under a regulated framework (MAS), targeting cross-border payments and enterprise settlement in a non-USD currency corridor.
• Stasis (EURS): Issuer of EURS, a euro-pegged stablecoin with regulated reserve structure and third-party attestations. Comparable to Stablecorp as a European fiat-backed stablecoin issuer with monthly attestation cadence and institutional distribution focus.
• GMO Internet Group (GYEN): Issuer of GYEN, a Japanese yen-pegged stablecoin. Comparable to Stablecorp as a non-USD, fiat-backed stablecoin issuer operating under a specific national regulatory framework, with similar institutional and exchange distribution objectives.
• TrueUSD (TrustToken): Issuer of TUSD, a fiat-backed USD stablecoin with third-party attestations and institutional focus. Comparable to Stablecorp as a fiat-backed stablecoin issuer operating in a similar regulatory and attestation-driven compliance posture, though serving the USD market.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/stablecorp
• Xx.com/stablecorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stablecorp