Toronto-based Stablecorp has raised $2.5 million CAD (approximately $1.8 million USD) in strategic capital to accelerate the development of QCAD, its stablecoin pegged to the Canadian dollar.
The round includes investment from Coinbase Ventures, Side Door Ventures, and other existing backers, who also received warrants to purchase additional equity at a higher valuation.
Building the rails for Canadian digital currency
The funding will be used to expand QCAD’s real-world utility by developing liquid on-chain FX markets and integrating payment rails—essential infrastructure for use cases like cross-border payments, trade finance, and remittances. The company also plans a “structural evolution” through the creation of the QCAD Digital Currency Trust, an independently managed vehicle that will hold reserve assets and provide daily transparency, monthly attestations, and annual audited reports.
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Canadian crypto momentum, despite market headwinds
The announcement coincided with Coinbase’s disclosure of a major cyberattack affecting over 69,000 users. Still, Coinbase Canada’s CEO Lucas Matheson remained optimistic: “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.”
Stablecorp President Alex McDougall echoed this sentiment, highlighting Canada’s global currency ranking and its leading cross-border trade with the U.S. as reasons for digital infrastructure urgency.
From joint venture to stablecoin pioneer
Launched in 2020 as a joint venture between 3iQ and Mavennet Systems, Stablecorp previously raised $1.9 million CAD in 2022 from Circle Ventures, Genesis, Stellar Development Foundation, and others. With its latest raise and continued support from Coinbase, Stablecorp is positioning QCAD to become a foundational pillar of Canada’s digital financial ecosystem.
