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May 23, 2025 – Stablecorp, a pioneering Canadian financial technology company specializing in digital money infrastructure, today announced the successful closure of a $1.8 million USD (approximately $2.5 million CAD) strategic growth capital round. The funding was led by Coinbase Ventures, the investment arm of the international cryptocurrency exchange Coinbase, with participation from Side Door Ventures and certain other existing investors. The investors have also received warrants to purchase additional equity at a higher valuation.
This strategic investment will be pivotal in significantly enhancing the feature set and structure of QCAD, Stablecorp’s flagship fully fiat-reserved Canadian dollar stablecoin. The capital will fuel the build-out of essential financial rails required to support a robust CAD-denominated stablecoin ecosystem. This includes fostering liquid, on-chain foreign exchange (FX) markets and integrating critical payment rail solutions, which are vital for QCAD’s real-world economic use cases such as cross-border payments, remittances, and global trade finance.
"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 and CEO of Stablecorp. "The Canadian dollar is the 5th highest held global reserve currency, our trade with the US is the most active cross-border corridor in the world, and our currency is the 7th highest used in FX. 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."
Echoing this sentiment, Lucas Matheson, CEO of Coinbase Canada, stated, "In the last 12 months, stablecoins traded 30 trillion dollars in transfer volume, nearly 3x that of the Visa network. Canada, like everyone else in this world, needs to embrace stablecoins and take full advantage [of the technology]. 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."
In conjunction with the funding, QCAD will undergo a significant structural evolution to bolster its growth and transparency. This includes the establishment of the QCAD Digital Currency Trust (QDCT), an arms-length trust designed to hold reserve assets under the oversight of an independent trustee. The QDCT will implement rigorous transparency measures, including daily public reporting on the market value of reserves, monthly independent attestations of reserves, and public annual audited financial statements. Furthermore, Qualified QCAD Holders will be granted a direct right of redemption to the underlying assets, marking a material step forward in bankruptcy remoteness.
Stablecorp and Coinbase both acknowledge the statements made by the Division of Corporate Finance of the U.S. Securities and Exchange Commission affirming its view that the offer and sale of "Covered Stablecoins" does not involve the offer and sale of securities within the meaning of applicable U.S. securities laws, and believe this should also be the case in Canada. Both parties view a Canadian stablecoin as critical path technology for Canada and are committed to bringing this product to market efficiently.
Stablecorp has a proven track record in the digital asset space, having launched as a joint venture between crypto asset manager 3iQ and blockchain developer Mavennet Systems in early 2020. In April 2022, the company closed $1.5 million CAD (approximately $1.9 million CAD according to some reports) in Series A funding from investors including Circle Ventures, crypto brokerage Genesis, the Stellar Development Foundation, and Side Door Ventures. Stablecorp has since achieved numerous milestones, including launching the first bank-issued deposit token (VCAD) alongside QCAD, building a unique legal and regulatory structure, developing Grapes Finance for international student payments, creating YaaS Digital for on-chain credit analysis, and pioneering a Digital Asset Evidence Locker project with the Canadian Federal Government’s Innovation Solutions Canada ("ISC") and a Canadian law enforcement agency.
This new funding round and strategic partnership with Coinbase Ventures mark a significant step forward for Stablecorp in its mission to provide global digital money infrastructure for the next billion users and to solidify QCAD’s position as the leading Canadian dollar stablecoin.
About Stablecorp Inc.:
Stablecorp is a leading Canadian fintech firm building digital money infrastructure to support the global payments space. Their flagship product, QCAD, is a fully fiat-reserved Canadian dollar stablecoin designed for on-chain foreign exchange, local and global payments, and other capital markets use cases. Through its digital money APIs and suite of embedded digital money solutions, Stablecorp powers a variety of financial use cases, aiming to provide bank-grade blockchain solutions. Stablecorp is a FINTRAC regulated Money Service Business (MSB).
About Coinbase Ventures:
Coinbase Ventures is the investment arm of Coinbase, Inc. It invests in early-stage cryptocurrency and blockchain startups. Its mission is to accelerate the growth of the cryptoeconomy by providing financing to promising early-stage companies.
Compiled by CMO Intern team
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