Deloitte Partners with Stablecorp to Build Stablecoin Infrastructure for Canadian Financial Institutions

Deloitte Canada has entered into a strategic collaboration with Stablecorp, the issuer of the Canadian dollar-pegged stablecoin QCAD, to develop stablecoin infrastructure for financial institutions ahead of the anticipated implementation of a federal framework for fiat-backed digital assets under Bill C-15.

The initiative aims to integrate QCAD into payment and settlement workflows for banks and other institutions, enabling 24/7 payments, improved settlement efficiency, and blockchain-based recordkeeping. The partnership positions Deloitte and Stablecorp to support Canada’s banking sector as federal regulators move closer to establishing clear rules for stablecoins.

The collaboration comes as the Canadian government advances Bill C-15, a budget implementation bill introduced in November 2025 that includes a proposed federal framework to regulate fiat-backed stablecoins.

Partnership Structure and Objectives

Collaboration Scope

Deloitte Canada plans to leverage Stablecorp’s QCAD stablecoin—a fiat-backed digital asset designed to maintain a one-to-one value with the Canadian dollar—to modernize payment and settlement systems for institutional clients. Soumak Chatterjee, Partner in Deloitte Canada’s financial services division, stated that the initiative is aimed at helping banks and other institutions prepare for stablecoin adoption once a regulatory regime is established.

Integration Approach

The collaboration focuses on identifying high-friction points in current banking use cases where QCAD can offer immediate quantifiable efficiencies. By combining Deloitte’s payments and financial services transformation experience with Stablecorp’s regulated digital asset infrastructure, the partners aim to enable solutions that are “robust, compliant, and scalable,” according to the announcement.

Key Use Cases

The companies identified several areas where stablecoin infrastructure could deliver efficiency gains:

• Liquidity and capital efficiency: Enabling 24/7 instantaneous movement of collateral globally

• Inter-bank clearing: Reducing the cost and time of settlement between financial institutions

• Cross-border payments: Streamlining international transfers using QCAD

• Next-generation treasury solutions: On-chain business-to-business payments, trade finance flows, and working capital solutions for global operations

Regulatory Context

Bill C-15 and Stablecoin Framework

The collaboration comes as Canada advances a federal framework for stablecoins under Bill C-15, a budget implementation bill introduced in November 2025 that includes proposed rules for fiat-backed digital assets. The legislation aims to establish regulatory certainty for stablecoin issuers and users.

Bank of Canada Position

The Bank of Canada has called for clearer rules governing stablecoins, arguing that regulatory certainty is needed to modernize the country’s payment systems. The central bank has stated that any framework should ensure stablecoins are fully backed by high-quality liquid assets and redeemable at par, while warning that delays in regulation could leave Canada lagging behind other jurisdictions.

Prime Minister’s Evolving Stance

While Prime Minister Mark Carney has previously expressed skepticism about crypto, he has lately acknowledged that the technologies underpinning digital assets could “improve financial stability; support more innovative, efficient and reliable payment services as well as have wider applications.”

Market Context

Canadian Stablecoin Market

The market for Canadian dollar-denominated stablecoins remains limited compared to the dominant U.S. dollar segment, where Tether’s USDt and Circle’s USDC account for the vast majority of global stablecoin supply and usage. The Bank of Canada shelved plans for a central bank digital currency in September 2024 after more than seven years of research and a public consultation process that drew nearly 90,000 responses.

U.S. Regulatory Momentum

The push for stablecoin adoption in Canada parallels developments in the United States, where stablecoin regulation culminated in the passage of the GENIUS Act for payment stablecoins in 2025.

Frequently Asked Questions

What is the purpose of the Deloitte-Stablecorp collaboration?

Deloitte Canada and Stablecorp are partnering to develop stablecoin infrastructure for Canadian financial institutions, integrating the Canadian dollar-pegged QCAD stablecoin into payment and settlement workflows. The initiative aims to help banks prepare for stablecoin adoption once a federal regulatory framework is established under Bill C-15.

What are the proposed use cases for QCAD in institutional finance?

The collaboration focuses on several key areas: enabling 24/7 instantaneous movement of collateral, reducing inter-bank clearing costs and settlement times, streamlining cross-border payments, and developing next-generation treasury solutions including on-chain business-to-business payments and trade finance flows.

What is the regulatory status of stablecoins in Canada?

The Canadian government is advancing a federal framework for stablecoins under Bill C-15, a budget implementation bill introduced in November 2025. The Bank of Canada has called for clearer rules, emphasizing that any framework should ensure stablecoins are fully backed by high-quality liquid assets and redeemable at par.