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

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The Bank of Canada has reportedly backed the issuance of a digital Canadian Dollar, but private alternatives are on the rise. Versabank, a digital bank headquartered in Canada has announced plans to launch a stablecoin pegged to the Canadian Dollar called the VCAD.

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. Stablecorp is the product of the partnership between VersaBank and a joint venture between Canada's leading crypto assets manager, 3iQ, and an American leader in blockchain development, Mavennet.

?? Something went wrong. Please try again later. VersaBank and its cyber security subsidiary, DRT Cyber, have announced the launch of VCAD, North America’s first bank-issued stablecoin.

Consumers and businesses buying goods and services with VCAD will know their digital currency’s exact value when executing these transactions.” In return for Canadian dollar deposits, VersaBank will issue VCAD to financial and industry intermediaries through the use of smart contracts.”

VCAD will be minted and issued by VersaBank to financial or industry intermediaries in exchange for Canadian dollar deposits through the use of the Bank’s “smart contracts.” Demand for Canada's Versabank Stablecoin, a digital asset that's easily redeemed to fiat currency at any time, is steady. The world is changing, and currencies other than fiat are being sought. The use of Bitcoin, Ethereum, and stablecoins like Tether (USDT) is becoming mainstream in the cryptocurrency ecosystem. Authorities are frowning at Bitcoin and its cohorts for capturing the financial world. However, some tolerance for stablecoins remains.

In addition to the issuance of a digital Canadian Dollar, private alternatives are permeating the space. Demand for cashless and crypto-specific digital currencies may make VCAD adoption go smoothly.

In addition to the security provided by an underlying deposit with a Canadian chartered bank, VCAD allows consumers to know that every VCAD issued or redeemed will always have the same value as the Canadian dollar. The use of Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT) is becoming commonplace in the crypto ecosystem.

Benjamin Godfrey, Blockchain enthusiast and journalist, adores to write about the real-world applications of blockchain technology and the new innovations that are driving acceptance of the emerging technology. While the Bank of Canada reportedly backs the issuance of a digital Canadian Dollar, private alternatives are increasingly permeating the space. Benjamin Godfrey has a love for sports and agriculture.

This sentence describes . Though the Bank of Canada has announced its support for the issuance of a digital Canadian dollar, private alternatives are spreading throughout the space.VersaBank, a digital bank in Canada has announced plans to launch a stablecoin pegged to the Canadian Dollar (CAD).

VCAD is a stablecoin that will keep its value stable with the Canadian dollar at a 1 to 1 ratio.

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Benjamin Godfrey

Benjamin Something went wrong. Please try again later. VersaBank and its cyber security subsidiary, DRT Cyber, announced their creation of North America’s first bank-issued stablecoin, VCAD. Benjamin Godfrey is a lover of sports and agriculture.

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 2/25/2021

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