You must enable Pushover Notifications before this alert can be received.Ĭonfigure You must enable Push Notifications before this alert can be received. Verify Phone Your alert will become active once your Email has been verified. You still need to verify your phone number before you can receive SMS alerts. To learn more about Stablecorp and VersaBank’s activities in designing a revolutionary type of stablecoin, read about their efforts here ( 1, 2).Alert Created Success! Your alert has been saved. In addition to expanding geographic access, Stablecorp will continue its mission to increase adoption of stablecoins by broadening their suite of financial services and products, such as whitelabel wallets, DeFi capabilities, and custodial solutions. VersaBank and Stablecorp have begun closed ecosystem testing of VCAD, with VersaBank personnel using VCAD to make daily and cross-border payments.ĭigitizing fiat and building faster, cheaper, and better rails on blockchain is Stablecorp’s top priority as the firm looks to establish more trading pairs across global currencies, starting with the US, UK, Bermuda, and the Philippines. Customers can now use VCAD for use cases such as foreign exchange, remittances, or cross-border transactions – making this stablecoin attractive for B2B, B2C, and P2P solutions. Issued and “minted” on Stellar, VCAD benefits from all the features that the network provides – transaction speeds of a few seconds, near-zero transaction fees, and interoperability both intra and inter-chain. Each VCAD unit is encrypted and represents a one-dollar deposit with VersaBank.
These DDRs are treated the same as a bank deposit receipt or bank-issued guaranteed investment certificate (GIR) or deposit receipt. However, Stablecorp and VersaBank innovated upon the stablecoin concept by having VersaBank directly issue VCAD as encrypted Digital Deposit Receipts (DDRs). Traditionally, stablecoins are pegged directly to a government-issued currency and are backed by assets in bank accounts held by the stablecoin issuer, and thus must be audited for compliance. What can the bank-issued stablecoin VCAD accomplish? VersaBank, a Canadian Schedule I Chartered Bank, has always sought the most cutting-edge solutions in fintech and, after witnessing the success and technology behind Stablecorp’s first issued stablecoin QCAD, approached the firm to explore the possibilities of a bank-issued stablecoin. By investing in a full-stack solution that supports stablecoins, Stablecorp serves as the connective fabric from the core technology to the user-facing experience and everything in between, including tooling solutions, Layer 2s, and abstraction layers.Īs Stablecorp built out its solution, it did so with the goal of partnering with banks and other financial institutions to ensure that its blockchain technology would optimize the current financial infrastructure. The philosophy behind Stablecorp is to bridge the existing traditional financial system to a more affordable and seamless digital experience, powered by blockchain. How the partnership between VersaBank and Stablecorp formedīelow the polished surface of today’s banking infrastructure is an incredibly fragmented system of technology and tools that often leaves customers frustrated with the financial services provided. As a result of this pioneering partnership between VersaBank and Stablecorp, users will now have access to a high-quality, bank-issued stablecoin that has the same standing, security, and stability as bank deposits. Digital banking leader VersaBank and Canadian blockchain fintech firm Stablecorp plan to commercially launch the VCAD token – a Canadian stablecoin that will be public and live on the Stellar network and the first to be issued by a North American bank.
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