QCAD, issued by the QCAD Digital Trust and tokenized by Stablecorp Digital Currencies Inc., is a fiat-backed stablecoin that references one Canadian dollar (CAD) and seeks to maintain a stable value of $1.00 CAD per token [S1][S2].

Each QCAD token references one Canadian dollar (CAD) and is backed 1:1 by Canadian dollars held in reserve for each token issued [S1][S3]. QCAD is a price-tracking stablecoin that seeks to maintain a value of one CAD, and the issuer's consumer materials describe no yield, interest, or rebasing passed to holders [S1][S3]. Monthly third-party attestations report amounts paid to the Servicer and accrued fees owing to the Servicer [S3].

The Issuer is the QCAD Digital Trust, a Canadian trust holding reserve assets on behalf of holders, with Stablecorp Digital Currencies Inc. acting as operating company and Servicer [S1][S2]. QCAD was qualified under the Canadian Securities Administrators (CSA) interim framework for Value Referenced Crypto Assets via a Final Prospectus dated November 20, 2025 [S1]. Holders hold redemption rights for the $1.00 CAD reference value [S1][S2]. Use is restricted to qualified holders with an account at Stablecorp or an authorized partner, subject to identity verification [S1][S4]. Reserves are held by qualified custodians at regulated Canadian financial institutions [S1][S3].

QCAD is active across the Solana, Ethereum, Algorand, and Stellar networks [S1]. Tokens are minted against 1:1 Canadian dollar reserves and redeemed for the $1.00 CAD reference value through the Servicer and authorized-partner framework [S1][S3]. Reserve adequacy is subject to daily verification of reserves and circulating supply, monthly third-party attestations, and annual reporting [S3].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://stablecorp.ca/" },
    { id: "S2", url: "https://www.stablecorp.ca/qcad-reporting" },
    { id: "S3", url: "https://stablecorp.ca/transparency" },
    { id: "S4", url: "https://stablecorp.ca/legal/privacy-policy" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Stablecoins

QCAD maintains a stable value of 1 Canadian dollar by holding 1-to-1 dollar reserves for each issued QCAD at regulated financial institutions. The Canadian dollar reserves are subject to regular audits and public attestations. QCAD became Canada's first compliant CAD stablecoin after the Canadian Securities Administrators issued a receipt for the prospectus on November 20, 2025.

Canada's first regulatory-compliant Canadian dollar stablecoin (QCAD), fully backed 1:1 with CAD reserves held at regulated financial institutions. Originally minted in 2020, QCAD achieved full compliance status in late 2025 after years of collaboration with Canadian Securities Administrators.

Canadian individuals and businesses seeking a regulated, compliant Canadian dollar-denominated stablecoin for digital payments and transactions. Backed by Circle and Coinbase Ventures.

website

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Stablecoin issuers

Stablecorp Digital Currencies Inc.

Canadian Dollar Digital Money (QCAD) is a Canadian Dollar stablecoin issued by Stablecorp Digital Currencies Inc. through QCAD Digital Trust.

Custody of the reserves rests with VersaBank.

Holders can mint and redeem directly with Stablecorp Digital Currencies Inc.

QCAD Digital Trust is the issuing entity.

QCAD has been issued on public blockchains since January 2020 and is native to Ethereum, Stellar, and Arc.

Canadian Dollar Digital MoneyQCAD