Alliance aims to accelerate payments innovation as digital asset regulation gathers pace
Deloitte Canada and digital asset firm Stablecorp have entered into a strategic collaboration to build stablecoin infrastructure designed specifically for Canadian financial institutions.
Last year, the Bank of Canada stressed that stablecoins in Canada will need to behave like cash, not crypto bets, if they want a place in the financial system.
The new initiative will leverage Stablecorp’s QCAD, positioned as a Canadian dollar-backed stablecoin developed with domestic regulatory considerations in mind. Deloitte plans to work with its banking and financial services clients to explore how the technology can be integrated into existing operations.
The move comes as policymakers in Canada continue to work toward a clearer regulatory framework for stablecoins — an effort widely seen as key to supporting broader institutional adoption of digital assets.
Recent research suggested that stablecoins are evolving beyond trading tools and becoming a practical form of money for daily life.
“Stablecoins present a significant opportunity for Canada's payments landscape” says, Soumak Chatterjee, Partner, Financial Services and Payments Leader at Deloitte Canada. “This collaboration helps us enable capabilities that are critical for our banking sector to lead this change, unlock greater innovation in Canadian payments, and ensure global competitiveness. We're excited to work with Stablecorp to drive impact for our clients and the broader Canadian financial services industry.”
The firms say the collaboration will combine Deloitte’s experience advising on payments transformation with Stablecorp’s blockchain infrastructure to help financial institutions modernize legacy systems for a digital, always-on economy. Distributed ledger technology is expected to support faster transaction settlement, increased transparency, and improved efficiency across a range of financial products and services.
Stablecorp executives emphasize that widespread use of a digital Canadian dollar will depend on trusted implementation within established financial platforms.
“We believe the benefits of the Canadian digital dollar should be accessible to everyone. Unlocking the benefits of blockchain, such as instant settlement and low-cost transactions, for everyday Canadians requires more than just technology – it requires trust” says, Kesem Frank, CEO of Stablecorp. “Working with Deloitte Canada is a major opportunity to unlock QCAD's benefits for all. While consumer adoption of digital assets has grown significantly, the true transformative potential lies in established financial infrastructure modernization.”
According to the companies, the partnership is intended to help banks develop scalable digital asset capabilities while maintaining compliance with evolving regulatory expectations — a factor that could influence Canada’s competitiveness in the global payments landscape.
