VERSABANK ANNOUNCES STABLECORP'S QCAD AS FIRST STABLECOIN CUSTOMER

Rhea-AI Summary

VersaBank (TSX: VBNK, NASDAQ: VBNK) signed a definitive custodial agreement with Stablecorp to custody the QCAD stablecoin using VersaVault® technology.

The deal makes VersaBank custodian for Canada’s first regulatory-compliant Canadian-dollar stablecoin; the bank will earn custody fees and a spread on QCAD deposits, with related net interest income recorded in cash and securities.

Positive

• Signed definitive custody agreement with Stablecorp for QCAD (binding commercial term)
• Will earn custody fees based on QCAD assets held and a spread on QCAD deposits
• Positions VersaVault® as SOC 2 (Type I)–validated custody technology for digital assets
• Association with Canada’s first regulatory-compliant Canadian-dollar stablecoin (QCAD) enhances credibility

Negative

• None.

Market Reality Check

Price: $15.70 Vol: Volume 40,813 is below 20...

normal vol

$15.70 Last Close

Volume Volume 40,813 is below 20-day average 49,764 (relative volume 0.82x). normal

Technical Price 15.70 is trading above 200-day MA at 12.21, reflecting a pre-existing uptrend.

Peers on Argus

VBNK gained 1.23% alongside sector peers: BRBS +0.47%, BMRC +1.71%, BWFG +1.41%,...

VBNK gained 1.23% alongside sector peers: BRBS +0.47%, BMRC +1.71%, BWFG +1.41%, FBIZ +2.35%, FRBA +0.18%, suggesting broader strength in regional banks.

Historical Context

5 past events · Latest: Jan 23 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 23	Investor conference	Neutral	-2.7%	Upcoming virtual conference to discuss RBDTs and stablecoin custody services.
Jan 15	Business expansion	Positive	+2.1%	Company extended identity platform into denim and recycled denim markets.
Dec 19	Management changes	Neutral	+1.6%	Appointment of Global CFO and executive promotion for corporate realignment.
Dec 10	Dividend declaration	Positive	+2.4%	Declared quarterly cash dividend of CAD $0.025 per common share.
Dec 10	Earnings results	Positive	+2.4%	Reported record 2025 revenue and asset growth driven by RPP assets.

Pattern Detected

Recent VBNK news, including dividends and strong results, has generally coincided with positive price reactions.

Recent Company History

This announcement extends VersaBank’s digital asset strategy highlighted in prior disclosures. On Dec 10, 2025, the bank reported record 2025 revenue of $124.64M and stronger net income, alongside a cash dividend of CAD $0.025 per share. Management changes supporting a proposed US bank framework and repeated focus on Real Bank Deposit Tokens and stablecoin custody (e.g., the Jan 23, 2026 investor presentation) set the stage for today’s QCAD custodial mandate.

Market Pulse Summary

This announcement highlights VersaBank’s first stablecoin custody customer, extending its VersaVault...

Analysis

This announcement highlights VersaBank’s first stablecoin custody customer, extending its VersaVault®-based digital asset strategy into QCAD, described as Canada’s first regulatory compliant Canadian-dollar stablecoin. The bank expects fee income and deposit spreads from assets held in custody. In light of prior record 2025 results and ongoing digital initiatives, investors may watch future disclosures on QCAD balances, custody revenues, and additional digital-asset partnerships.

Key Terms

stablecoin, digital asset, soc 2 (type i), tokenized deposits

4 terms

stablecoin financial

"the Bank will serve as the custodian for Stablecorp's QCAD stablecoin."

A stablecoin is a type of digital currency designed to keep its value steady, often by being backed by traditional assets like money or commodities. For investors, stablecoins offer a reliable way to move money quickly across digital platforms without the value fluctuations common with other cryptocurrencies, making them useful for saving, trading, or transferring funds with less risk of sudden losses.

digital asset financial

"a pioneering Canadian digital asset infrastructure company and servicer"

A digital asset is a representation of value or rights that exists only in electronic form—like digital versions of cash, stocks, or collectibles kept in a virtual wallet. They are transferred and recorded using computer systems that make copying or tampering difficult, and can include currencies, tokenized shares, or unique digital items. Investors care because digital assets can offer new ways to diversify, trade and raise capital, but they also bring different risks around price swings, custody and regulation.

soc 2 (type i) technical

"validated by SOC 2 (Type I) certification, considered to be the gold standard"

An independent auditor’s snapshot report that confirms a company has designed and put in place controls for protecting its systems and customer data at a specific point in time. Investors care because it offers third‑party evidence that the business has basic safeguards against data breaches, downtime, and misuse of information—similar to a safety checklist that shows controls exist, reducing operational and reputational risk in due diligence.

tokenized deposits financial

"payments economy alongside bank-issued tokenized deposits."

Digital tokens that represent traditional bank deposits held at a regulated institution, recorded on a blockchain-like system so each token is a claim on the underlying cash. They matter to investors because they can speed up transfers, enable new trading and lending services, and increase transparency much like converting paper money into an instantly transferable digital voucher, while still carrying banking and regulatory risks tied to the issuer.

AI-generated analysis. Not financial advice.

– Digital Asset Custody Services Represent New, Highly Efficient Revenue Stream with Significant Long-Term Growth Potential –

LONDON, ON, Feb. 3, 2026 /PRNewswire/ - VersaBank (or the "Bank") (TSX: VBNK) (NASDAQ: VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today announced it has signed a definitive agreement with Stablecorp Digital Currencies Inc. ("Stablecorp"), a pioneering Canadian digital asset infrastructure company and servicer of the QCAD Digital Trust and whose investors include Coinbase, Circle, DeFi Technologies and FTP Ventures, under which the Bank will serve as the custodian for Stablecorp's QCAD stablecoin. QCAD recently became Canada's first regulatory compliant Canadian-dollar stablecoin.

"Stablecorp is on the leading edge of the mainstream adoption of digital currency in Canada and we are proud they have chosen VersaBank and our proprietary VersaVault® technology for their QCAD stablecoin custody requirements," said David Taylor, Founder and President, VersaBank. "VersaVault® is entirely unique in its technological approach to the security of digital assets with proven performance and validated by SOC 2 (Type I) certification, considered to be the gold standard in data security.  As a federally regulated, national bank in both Canada and the United States, we believe we offer the ultimate value proposition for the custody of digital assets on both sides of the border."

Mr. Taylor added, "Like our bank-issued Real Bank Deposit Tokens™ (RBDTs™), we believe non-bank-issued stablecoins will play a meaningful role in the coming revolution of the payments economy alongside bank-issued tokenized deposits. We look forward to capitalizing on these separate and distinct opportunities based on our existing, proven technology, deep expertise and early mover advantage, each of which could contribute significant balances of low-cost deposits via new channels."

"Securing this custodial relationship with a federally regulated, Schedule I bank is a significant milestone for our industry, placing Stablecorp at the forefront of modernizing Canada's financial infrastructure." said Kesem Frank, Chief Executive Officer, Stablecorp. "This collaboration with VersaBank marks a new standard for the Canadian digital asset industry, specifically in the context of stablecoin issuance. The VersaVault® solution provides an ideal fusion of regulatory integrity and technological security, which is key to our mission of connecting Canada with the global digital economy in a secure and compliant way."

VersaBank will earn both a fee based on the value of QCAD assets held in custody and a spread based on the QCAD deposits.  Net interest income earned from stablecoin custody activities will be included in net interest income on cash and securities and will not impact net interest margin on credit assets.

About the QCAD Digital Trust and Stablecorp

The QCAD Digital Trust is an Ontario trust that holds the reserve assets on behalf of holders of QCAD.  Stablecorp is one of Canada's leading digital asset infrastructure companies, focused on building professional-grade blockchain solutions. In partnership with industry leaders, Stablecorp creates refined, scalable and compliant products, such as QCAD, that serve as the foundation for the next generation of financial services. Further information about QCAD, including the reserve assets and the terms and conditions associated with the QCAD program can be found on the Stablecorp website (www.stablecorp.ca) and under the trust's profile on SEDAR+ at www.sedarplus.ca.

About VersaVault^®

VersaVault^® is the world's first digital vault for security conscious organizations looking to secure their highly sensitive and confidential documents, data, code, blockchain-based assets and more, addressing the need for regulated custody of digital assets with secure platforms. VersaVault^® distinguishes itself as a SOC2 Type 1 audited, security-centric digital asset storage solution that utilizes military-grade hardware within a dedicated, private data center specifically designed for highly secure and sensitive operations and is logically air-gapped from both the public internet and public blockchains and not hosted on public cloud infrastructure. VersaVault^® implements robust security protocols, including stringent multi-factor authentication, robust identity checks, and mandatory, but adjustable, multi-party approvals authorization for users to securely manage and access their high value assets.

About VersaBank

VersaBank is a North American bank with a difference. Federally chartered in both Canada and the US, VersaBank has a branchless, digital, business-to-business model based on its proprietary state-of-the-art technology that enables it to profitably address underserved segments of the banking industry in a significantly risk mitigated manner. Because VersaBank obtains substantially all of its deposits and undertakes the majority of its funding electronically through financial intermediary partners, it benefits from significant operating leverage that drives efficiency and return on common equity. In August 2024, VersaBank launched its unique Receivable Purchase Program funding solution for point-of-sale finance companies, which has been highly successful in Canada for nearly 15 years, to the underserved multi-trillion-dollar US market. VersaBank also owns Minneapolis-based DRT Cyber Inc., a North American leader in the provision of cyber security services to address the rapidly growing volume of cyber threats challenging financial institutions, multi-national corporations and government entities. Through DRT Cyber Inc., VersaBank owns proprietary intellectual property and technology to enable the next generation of digital assets for the banking and financial community, including the Bank's revolutionary tokenized deposits.

Forward-Looking Statements 

VersaBank's public communications often include written or oral forward-looking statements. Statements of this type are included in this press release and may also be included in other securities filings or in other communications. All such statements are made pursuant to the "safe harbor" provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. The statements in this press release that relate to future events or future performance are forward-looking statements.  

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, many of which are beyond VersaBank's control. There is a risk that predictions, forecasts, projections and other forward-looking statements will not be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, as a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such statements. These factors include, but are not limited to: the strength of the Canadian and US economies in general and the local economies within in which VersaBank operates; the effects of changes in monetary and fiscal policy, including changes in interest rate policies of the Bank of Canada and the US Federal Reserve; global commodity prices; the effects of competition in the markets in which VersaBank operates; inflation; capital market fluctuations; the timely development and introduction of new products in receptive markets; the impact of changes in laws, including trade laws and tariffs, and regulations applicable to financial services; changes in tax laws; technological changes; unexpected judicial or regulatory proceedings; unexpected changes in consumer spending and savings habits; the impact of wars or conflicts and related effects on global supply chains and markets; the impact of outbreaks of disease or illness affecting local, national or international economies; the possible effects of terrorist activities; natural disasters and disruptions to public infrastructure (including transportation, communications, power or water supply); and VersaBank's ability to anticipate and manage the risks associated with these factors.  

The foregoing list of important factors is not exhaustive. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors as well as other uncertainties and potential events. The forward-looking information contained in this press release is presented to assist VersaBank shareholders and others in understanding VersaBank's financial position and may not be appropriate for any other purposes. Except as required by applicable securities laws, VersaBank does not undertake to update any forward-looking statement contained in this press release or made from time to time by VersaBank or on its behalf. 

Visit our website at:  www.versabank.com

Follow VersaBank on Facebook, Instagram, LinkedIn and X.

View original content to download multimedia:https://www.prnewswire.com/news-releases/versabank-announces-stablecorps-qcad-as-first-stablecoin-customer-302676718.html

SOURCE VersaBank

FAQ

What did VersaBank (VBNK) announce on February 3, 2026 about QCAD custody?

VersaBank announced it signed a definitive agreement to custody Stablecorp's QCAD stablecoin on February 3, 2026. According to VersaBank, the bank will use its VersaVault® custody technology and earn fees plus a spread on QCAD deposits.

How will the QCAD custody deal affect VersaBank's revenue and accounting for VBNK?

The deal will generate fee income and spread-related net interest income for VersaBank. According to VersaBank, related net interest income will be recorded in net interest income on cash and securities, not in credit asset margins.

Why is QCAD custody with VersaBank significant for investors in VBNK?

The custody agreement establishes a new digital-asset revenue stream for VersaBank and validates its custody tech. According to VersaBank, the relationship could attract low-cost deposit balances through stablecoin channels.

What security and compliance credentials does VersaVault® provide for VBNK's custody of QCAD?

VersaVault® is validated by SOC 2 (Type I) certification and operated by a federally regulated bank. According to VersaBank, this combination provides regulatory integrity and technological security for QCAD custody.

Who is Stablecorp and what does QCAD represent for the Canadian digital asset market?

Stablecorp is a Canadian digital asset infrastructure firm and issuer of QCAD, described as Canada’s first regulatory-compliant Canadian-dollar stablecoin. According to Stablecorp, the custody partnership with VersaBank advances stablecoin issuance standards in Canada.