Financial institutions in Canada to use Deloitte and Stablecorp stablecoin infrastructure

Deloitte Canada and Stablecorp, the first compliant Canadian dollar stablecoin provider, develop an alliance to deliver QCAD-based stablecoin infrastructure for financial institutions in Canada. The collaboration comes ahead of the anticipated progress to the federal government’s Stablecoin framework and legislation (Bill C-15).

The alliance aims to help modernize Canada’s financial landscape and meet the demands of an always on economy. Deloitte will utilize its experience in payments and financial services transformation while Stablecorp will utilize its regulated digital asset infrastructure.

 Soumak Chatterjee, Partner, Financial Services and Payments Leader at Deloitte Canada, “Stablecoins present a significant opportunity for Canada’s payments landscape” says, “This collaboration helps us enable capabilities that are critical for our banking sector to lead this change, unlock greater innovation in Canadian payments, and ensure global competitiveness. We’re excited to work with Stablecorp to drive impact for our clients and the broader Canadian financial services industry.”

Leveraging the inherent advantages of blockchain technology – speed, immutability, traceability, and efficiency – will enable solutions that are robust, compliant, and scalable. As a result, banks along with other financial institutions will be able to harness the benefits of digital assets to make new, innovative products and services and/or make existing ones faster, further cost-effective, and more efficient.

 Kesem Frank, CEO of Stablecorp added “We believe the benefits of the Canadian digital dollar should be accessible to everyone. Unlocking the benefits of blockchain, such as instant settlement and low-cost transactions, for everyday Canadians requires more than just technology – it requires trust, Working with Deloitte Canada is a major opportunity to unlock QCAD’s benefits for all. Leveraging Deloitte’s proven payments knowledge and experience alongside our technology allows us to introduce innovation through the systems Canadians already use and trust, in a way that is safe, measured, and secure.”

Deloitte and Stablecorp will work with financial institutions to integrate QCAD into existing platforms and operations environment in a secure, compliant manner. Key areas of focus include:

• Liquidity & Capital Efficiency: Enabling 24/7 instantaneous movement of collateral, globally
• Inter-Bank Clearing: Reducing the cost and time of settlement between financial institutions.
• Cross-Border Payments: Utilizing QCAD to streamline international transfers
• Next Generation Treasury solutions: On-chain B2B payments, trade finance flows, working capital solutions for global operations