Finance Breaking news VersaBank plans deposit-based digital currency last financial news
Breaking-Finance.Com - VersaBank says it will launch its own deposit-based digital currency pegged to the Canadian dollar.
Breaking-Finance.Com - VersaBank says it will launch its own deposit-based digital currency pegged to the Canadian dollar. The Ontario-based bank is working with Stablecorp on the VCAD, which it says will be the first digital currency to represent a fiat currency, as well as the first issued by and backed by deposits with a North American bank. VCAD will be issued by VersaBank to financial intermediary partners in exchange for Canadian dollar deposits with the bank utilising smart contracts.
. VersaBank says that VCAD will create a significant new low-cost deposit source as it experiences record loan growth.The partners plan to launch VCAD in the next few months and are also eying VUS and a VEuro.David Taylor, president, VersaBank, says: "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."
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