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Canadian Bank Launching Fiat-Backed Digital Currency in Claimed World First
The bank says its VCAD stablecoin is the first digital currency issued by and backed by deposits with a North American bank.
Canadian bank VersaBank is to launch a stablecoin called VCAD that it plans for use in commerce.
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- In an announcement Wednesday, the bank claims the Canadian-dollar linked VCAD is the first digital currency issued by and backed by deposits with a North American bank.
- For the launch, VersaBank partnered with Stablecorp, a joint venture between crypto asset manager 3iQ and blockchain development firm Mavennet – both also Canada-based.
- Currently, the digital currency is only being issued by VersaBank to financial intermediary partners in exchange for Canadian dollar deposits.
- The partners will then offer VCAD directly to individuals and businesses for use in commerce. VCAD will be redeemable for Canadian dollars as required after that, the bank said.
- "As North America's first bank-issued ‘stablecoin’ VCAD offers consumers and businesses the ability to adopt and leverage the benefits of digital currency and blockchain-based assets without the volatility of traditional currencies, alongside the security of a value-backed asset that the cryptocurrency world has long demanded," said David Taylor, president of VersaBank and its cybersecurity subsidiary, DRT Cyber.
- The bank said it expects VCAD to be available to the general public in coming months.
Read more: Canada’s First Bitcoin ETF Hits $421.8M AUM in Two Days
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
