VersaBank and Stablecorp are launching VCAD, a Canadian stablecoin issued by a North American bank and live on Stellar. Each VCAD unit represents a one-dollar deposit with VersaBank, offering fast, low-cost cross-border transactions.
VersaBank, a Canadian Schedule I Chartered Bank, and blockchain fintech firm Stablecorp are commercially launching VCAD, the first bank-issued stablecoin on Stellar from a North American bank. VCAD is issued as encrypted Digital Deposit Receipts (DDRs) backed by VersaBank deposits, giving it the same standing and security as traditional bank deposits. Built on Stellar, VCAD enables transaction speeds of seconds with near-zero fees, supporting use cases like foreign exchange, remittances, and cross-border payments for B2B, B2C, and P2P solutions. VersaBank and Stablecorp have begun closed ecosystem testing with internal cross-border payments. The partnership plans to expand geographic access starting with the US, UK, Bermuda, and the Philippines, while broadening financial services including whitelabel wallets, DeFi capabilities, and custodial solutions.
