Stablecoins · CAD-pegged settlement assets
Tokenized cash equivalents that move at the speed of the network — the settlement asset for every trade on 4ormEx. Canadian-dollar coverage is led by QCAD (Stablecorp, money-market reserves) and W-CAD (Bank of Canada wholesale CBDC, when productionized). USD coverage available for cross-border issuances under OSC 91-401 sandbox.
Stablecoin supply · C$ by issuer, 24 months
Stablecoins on the rail
| Token | Issuer | Currency | Reserve type | Supply | 24h vol | Status |
|---|---|---|---|---|---|---|
| QCADStablecorp QCAD | Stablecorp (Tetra Trust) | CAD | Money-market reserves | C$ 82.3M | C$ 42.6M | Live |
| W-CADBoC wholesale CBDC | Bank of Canada | CAD | Central bank deposit | — | — | Project Samara |
| USDCCircle USDC | Circle Internet | USD | T-Bills + cash | C$ 24.1M | C$ 8.4M | Live · cross-border |
| EURCCircle EURC | Circle Internet | EUR | T-Bills + cash | C$ 3.6M | C$ 1.2M | Live · cross-border |
| USDPPaxos USDP | Paxos Trust | USD | T-Bills + cash | C$ 1.4M | C$ 0.2M | Live |
QCAD reserves · attested April 2026
Stablecorp publishes a monthly reserves attestation for QCAD. The reserve mix as of April 30, 2026:
Attestation by KPMG Canada. Independent audit annual. Custody at Tetra Trust (CIRO Tier 1).
Settlement asset choice
Issuers choose the cash leg at mint time. Most Canadian-domestic offerings default to QCAD for liquidity; bank-issued offerings often prefer their own tokenized deposit for vertical capture; cross-border issuances use USDC. W-CAD becomes the wholesale settlement asset of last resort when Bank of Canada productionizes Project Samara.