Deloitte partners with Stablecorp on stablecoins
Deloitte has entered a strategic collaboration with Stablecorp, a Toronto-based fintech company and developer of QCAD – the first compliant, regulated Canadian dollar-pegged stablecoin.
Together, the partners will deliver QCAD-based stablecoin infrastructure to financial institutions in Canada. The collaboration arrives in advance of anticipated progress on the federal government’s stablecoin framework and legislation – Bill C-15.
The alliance pairs Deloitte’s expertise in payments and financial services transformation with Stablecorp’s regulated digital asset infrastructure.
Stablecorp was founded in 2019 by 3iQ, Canada’s largest cryptoasset manager, and Mavennet, a blockchain developer. The firm’s decentralized stablecoin is focused on enabling business-to-business (B2B) payments.
“Stablecoins present a significant opportunity for Canada’s payments landscape,” said Soumak Chatterjee, partner, financial services and payments leader at Deloitte. “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.”
The alliance will work with financial institutions to integrate QCAD into existing platforms and reap the benefits of blockchain, including speed, immutability, traceability, and efficiency.
Key areas of focus include enabling 24/7 instantaneous movement of collateral, globally; reducing cost and time of settlement between financial institutions; using QCAD to streamline international transfers; and implementing next-gen treasury solutions across on-chain B2B payments, trade finance flows, and working capital.
“Unlocking the benefits of blockchain, such as instant settlement and low-cost transactions, for everyday Canadians requires more than just technology – it requires trust,” said Kesem Frank, CEO of Stablecorp. “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.”
