VersaBank, a North American banking leader in B2B digital payment solutions, announced its plans to launch VCAD, the “world’s first digital currency backed by a North American bank deposits”. The stablecoin aims to offer users a channel of commerce while offering the highest levels of stability and security on its system.
The VCAD stablecoin is as a result of a partnership between VersaBank and Stablecorp, a joint venture between crypto asset manager, 3iQ and Mavenet, a blockchain development firm, both Canadian firms too. The partnership will ensure the commercial launch of VCAD, with VersaVault, a digital bank vault under VersaBank’s cybersecurity subsidiary, DRT Cyber Inc., securely managing the stablecoin.