02 — Issuer Comparison
Three issuers building CAD stablecoins under Canada's new regulatory framework. Compared across funding, technology, custody, and market access.
Data sourced from public filings, press releases, and corporate announcements. Updated July 2026.
First CSA-prospectus-approved CAD stablecoin. QCAD holds an approved prospectus across all 13 CSA jurisdictions, backed by Coinbase Ventures, Circle Ventures, and DeFi Technologies. In July 2026, TD Bank Group was named primary custodian of the QCAD Digital Trust reserves — one of the first of Canada's Big Five banks to custody a fiat-backed stablecoin's reserves — succeeding the earlier VersaBank (VersaVault®) arrangement. Deloitte Canada announced a strategic collaboration for institutional stablecoin infrastructure in March 2026. In May 2026, QCAD became the first onchain CAD/USD settlement pair via Circle's StableFX on the Arc testnet. Multi-chain on Ethereum, Algorand, Stellar, Base, and Arc (testnet); listed on Kraken, Newton, Bitvo, Netcoins, Coinsmart, and DVeX. Monthly attestations since 2021.
First CAD stablecoin issued by a regulated financial institution. Public launch on May 4, 2026, approved by Alberta Treasury Board and Finance. Issued through CAD Digital Inc., a Tetra Digital Group subsidiary, with Tetra Trust Company (Alberta-regulated) as custodian. Backed by Shopify, National Bank, Wealthsimple, ATB Financial, Urbana Corporation, Purpose Unlimited, and Shakepay. Live on Ethereum, Base, and Tempo (Stripe/Paradigm payments L1) — Solana imminent. Bank-to-bank transfers validated with National Bank and Wealthsimple in Dec 2025.
The earliest to market. CADC has been available since 2021, operated by Paytrie (now spun out as Loon), and has processed over $200M in volume. Raised $3M from Version One Ventures. ERC-20 token on Ethereum, redeemable via Paytrie on/off ramp at par. Pre-filed prospectus with Alberta Securities Commission. Reserves held in Canadian bank account — qualified custodian status under the Act is unresolved pending implementing regulations.