Coinbase

Toronto-based fintech firm Stablecorp has raised $2.5 million in strategic growth capital to expand and upgrade QCAD, its Canadian dollar-denominated stablecoin.

The funding round was led by Coinbase Ventures and Side Door Ventures, with participation from existing investors. The new capital will be used to enhance QCAD’s digital money infrastructure, including expanding its role in payments, foreign exchange, and digital asset transactions.

The investment comes with warrants for the purchase of additional equity at a higher valuation, reflecting confidence in Stablecorp’s long-term vision for QCAD as a critical tool for the future of Canadian financial services.

“Stablecoins are the most efficient rail ever devised to move money both domestically and globally, and it’s time that Canadians get the benefit of this financial services superconductor,” said Alex McDougall, President of Stablecorp. “The time to digitize all this commerce was yesterday and we’re thrilled to be working with a global leader like Coinbase to make this happen.”

QCAD is currently undergoing a structural overhaul aimed at improving trust and transparency. Once complete, the reserve assets backing QCAD will be held by an independent trust—QCAD Digital Currency Trust (QDCT)—with daily market value reporting, monthly attestations, and publicly audited annual statements. Qualified Holders will also gain the right to redeem QCAD directly for the underlying reserves.

The upgrades are part of a broader strategy to foster real-world use cases such as cross-border payments, global trade finance, and remittances. Stablecorp is building out advanced payment rail integrations and deep on-chain FX markets to support these efforts.

Lucas Matheson, CEO of Coinbase Canada, underscored the urgency of Canada embracing digital currency innovation. “In the last 12 months, stablecoins traded $30 trillion in transfer volume—nearly three times that of the Visa network,” he noted. “Canada is not currently set up for success and that’s why we’re excited about this partnership with Stablecorp to move us in the right direction.”

Both Stablecorp and Coinbase emphasized their alignment with regulatory guidance from the U.S. Securities and Exchange Commission, affirming that QCAD does not constitute a security—a stance they believe should be mirrored in Canada.

With the Canadian dollar ranking among the top global reserve and FX currencies, the companies see QCAD as a strategic piece of infrastructure that can help digitize Canadian commerce on a global scale.