The Toronto firm is approved under the existing stablecoin framework, but will be ready for a new federal strategy.
Stablecorp says its QCAD cryptocurrency is the first Canadian dollar-pegged stablecoin to receive regulatory approval.
The Toronto-based company spent nearly six years lay the necessary rails required to support its CAD-denominated stablecoin. The digital infrastructure firm services the QCAD Digital Trust, an independent trust that owns QCAD's reserve assets and is overseen by an independent trustee.
Stablecorp has spent nearly six years creating the necessary pathways to support its CAD-denominated stablecoin.
QCAD Digital Trust submitted its final prospectus (relevant disclosure documents) to the Canadian Securities Administrators (CSA) earlier this year and received approval last week. As a result, Stablecorp CEO Kesem Frank told BetaKit that QCAD Digital Trust now aligns with the existing CSA structure, which was published 2023while he waits for the new Canadian stablecoin strategy.
Stablecoins are a form of digital currency that is pegged to traditional fiat currency, usually the US dollar. In response to industry requirements and similar legislation in the US, federal government recently revealed draft regulatory framework for stablecoin issuers in Canada.
To comply with existing regulation, the QCAD program created a trust to hold the reserve assets, filed a prospectus with regulators, and obtained exemptions from “various securities law requirements that may or may not be directly applicable to the stablecoin program,” Frank said.
CONNECTED: Stablecorp provides funding for its Canadian dollar-pegged stablecoin
“This prospectus and accompanying benefits were reviewed by members of the Canadian Securities Administrators for nearly a year as we reviewed and responded to all of their comments and questions during that period,” Frank told BetaKit.
CSA confirmed to BetaKit that a receipt for the QCAD Digital Trust prospectus was issued on November 20, 2025, confirming the distribution of QCAD tokens, but did not comment on whether QCAD is the first CAD-denominated stablecoin. The regulator stressed that receipt of the final prospectus “should not be construed as an endorsement” of the issuer or the QCAD token, and that compliance with securities laws is the responsibility of the issuer.
Stablecorp said QCAD will now be available to the general public through a network of exchanges and partners. Stablecorp and QCAD Trust have developed a “future-proof” structure in case the new proposed federal structure becomes law, Frank told BetaKit.
“It remains to be seen what will happen to this temporary provincial system once the federal prudential system becomes law, but either way we will be prepared and overall this is a very positive development for Canada.” – Frank said.
Image provided Stablecorp.
