In the Media

Canada-Based VersaBank Unveils Plans to Launch VCAD, Canadian Dollar-backed Stablecoin

VersaBank (TSX: VB), a digital bank based in Canada has unveiled plans to launch a stablecoin dubbed the VCAD and pegged to the Canadian Dollar. The proposed digital token is described as the first of its kind to be issued by and backed by deposits lodged with a North American or a Canadian bank.

The VCAD is a stablecoin that will maintain stability with the CAD, on a ratio of 1 to 1. It is the product of the partnership between VersaBank and Stablecorp, a joint venture spunned by Canada’s leading crypto asset manager, 3iQ, and Mavennet, a North American leader in blockchain development. The origination of the new token gives it a good reputation per stability with its pegged fiat currency, and it is deemed secure, drawing from its cryptographic infusion while it was being designed.

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