VersaBank Reports CAD70K–80K QCAD Deposits, Targets USD1B SRP, Guides USD20M Costs
VBNK•VersaBank’s QCAD deposits via Stablecorp stand at CAD70,000–CAD80,000 and are expected to climb once a US stablecoin FX use case launches under FDIC-insured digital deposits. The bank aims for USD1 billion in US receivables purchases, forecasts core noninterest costs near USD20 million, and has paused its DRTC divestiture pending a regulatory extension.
1. QCAD Deposits Under Stablecorp Partnership
VersaBank’s QCAD deposits under its Stablecorp partnership currently range from CAD70,000 to CAD80,000, with growth expected once its seamless US stablecoin foreign exchange use case goes live. This application leverages the bank’s federal charter on both sides of the border to facilitate digital currency transactions.
2. Regulatory Status for Tokenized Deposits
The bank confirms that US regulators, including the FDIC under the Clarity Act, will insure digital representations of deposits, removing a key commercialization hurdle. VersaBank is finalizing industry partnerships before seeking a nonobjection letter from US authorities to launch its tokenized deposit product.
3. US SRP Portfolio and Capital Deployment
VersaBank has sufficient capital to pursue an additional USD1 billion in its US structured receivables purchase (SRP) program, bolstered by strong demand for real-time receivables transactions. Management is prepared to share SRPs with other banks if capital utilization surges beyond budgeted levels.
4. Expense Guidance and DRTC Divestiture Update
Core noninterest expenses are forecast to be approximately USD20 million for the year, down from USD21 million thanks to recent branch optimization and cost-saving measures. The company has tactically paused its DRTC divestiture and requested a timeframe extension to complete required penetration testing under current regulations.
