Key Data

• Trading Name: Stablecorp
• Legal Entity: Stablecorp Digital Currencies Inc.
• Activities: digital money solutions
• Location: Canada
• Regulations: FINTRAC regulated entity and Money Service Business (MSB).
• Key People:Alex McDougall/Fred Pye/Kesem Frank
• Latest news: Stablecorp
• Latest update: July 22, 2024

Stablecorp is a Canadian fintech company focused on creating innovative digital money solutions. It aims to bridge traditional finance with blockchain technology to offer efficient and secure financial services.

Offering

Stablecorp offers a variety of services focusing on digital financial solutions:

1. QCAD: A fully fiat-backed Canadian digital dollar for on-chain FX and global payments.
2. Grapes Finance: Digital money services including foreign exchange (FX) and payment solutions.
3. YaaS Digital: A borrowing and lending platform for digital assets, enhancing underwriting and transparency.

Regulation

Stablecorp is regulated as a Money Service Business (MSB) under the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This regulatory status ensures that Stablecorp adheres to strict guidelines regarding anti-money laundering (AML) and combating the financing of terrorism (CFT).

Key Regulatory Points:

1. FINTRAC Regulation: Stablecorp’s registration with FINTRAC (Registration Number M22234558) involves compliance with extensive reporting, record-keeping, and client identification requirements designed to prevent illicit financial activities.
2. Evolving Regulatory Environment: The regulatory framework for digital assets is still developing, both in Canada and globally. This evolving landscape can affect the availability and demand for Stablecorp’s products, such as QCAD, their fiat-backed digital Canadian dollar. Regulatory bodies like the Canadian Securities Administrators (CSA) have indicated that value-referenced crypto assets might be considered securities under certain conditions, impacting how they can be offered and traded​.

Customer Reviews

Regrettably, no customer reviews or feedback pertaining to the company have been sourced thus far.

Key People

The key people at Stablecorp include:

1. Alex McDougall – Founder, President, and CEO. He has a background in digital assets and venture capital.
2. Fred Pye – Co-Founder and Director.
3. Kesem Frank – Director.

Serving Industries

Stablecorp serves several key industries:

1. Financial Services: Provides cross-border payments and foreign exchange solutions​.
2. Cryptocurrency and Digital Assets: Manages stablecoins like QCAD on various blockchain networks​.
3. Corporate Treasury Management: Offers platforms like Grapes Finance for managing digital assets and converting fiat currencies​.
4. Supply Chain and Trade: Facilitates international trade and payments​.

Conclusion and Rating

Stablecorp has the necessary regulatory authorization to issue a stablecoin within the Canadian regulatory framework and is fully compliant with FinTRAC requirements. Therefore, Stablecorp could be placed on the Green Compliance List. However, from a customer perspective, we consider the company’s credibility to be on the Orange Risk List due to the lack of customer reviews. As such, we only award an Orange Merchant Rating based on customer perception.