Stablecorp has established an alliance with Deloitte Canada to deliver QCAD-based stablecoin infrastructure for financial institutions across the country.
The compliant Canadian dollar stablecoin provider says the collaboration with Deloitte comes ahead of anticipated progress to the federal government’s stablecoin framework and legislation, Bill C-15.
“Stablecoins present a significant opportunity for Canada’s payments landscape,” believes Soumak Chatterjee, a Partner of Financial Services and Payments Leader at Deloitte Canada.
“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,” Chatterjee stated.
By combining Deloitte’s experience in payments and financial services transformation with Stablecorp’s regulated digital asset infrastructure, this alliance will modernize Canada’s financial landscape and meet the demands of a 24/7 economy, according to a statement from the organizations.
Deloitte and Stablecorp will work with financial institutions to integrate QCAD into existing platforms and operations environment in a secure, compliant manner.
Through solutions based in blockchain technology, institutions will be able to harness the benefits of digital assets to make innovative products and services that are faster and more cost-effective than traditional offerings, suggests Stabelcorp chief executive officer Kesem Frank.
“We believe the benefits of the Canadian digital dollar should be accessible to everyone,” he says.
But unlocking the benefits of blockchain, such as instant settlement and low-cost transactions, “requires more than just technology.”
“It requires trust,” says Frank.
“Working with Deloitte Canada is a major opportunity to unlock QCAD’s benefits for all,” the CEO believes. “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.”
“We’re excited to work with Stablecorp to drive impact for our clients and the broader Canadian financial services industry,” remarked Chatterjee.
Stablecorp last year raised substantial funding.
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