QCAD

IM-01 1: a single issuer, the QCAD Digital Trust, controls minting and only authorised partners can mint or redeem. IM-02 2: no borrowing at the token layer, but the whole float is a claim on Canadian commercial bank deposits, which are bank liabilities. IM-03 2: supply follows fiat deposits, with no link to any real-economy measure. IM-04 3: elastic and uncapped, expanding and contracting with deposits rather than with an economic signal. IM-05 3: 1:1 redemption exists and is routine, but only for authorised partners, so contraction is not permissionless. Category average 2.2.

SPS-01 2: the peg rests on 1:1 redemption by authorised partners and on arbitrage, with no protocol-level targeting mechanism. SPS-02 2: a single fiat reference, the Canadian dollar, which sits with the USD rather than with the low-inflation examples the band above names. SPS-03 2: monthly third-party attestations are promised on the transparency page, but no attestation report, auditor name or reserve dashboard was reachable on any surface read. SPS-04 3: the current token has been live since 20 January 2026, under a year, and printed 0.9963 CAD. SPS-05 3: targets the nominal one-dollar peg only, with no long-term purchasing-power anchoring. SPS-06 2: minting and redemption need a Canadian banking relationship and authorised-partner status. Weighted 2.37.

FI-01 1 and FI-02 1: hard-pegged one to one to the Canadian dollar and backed one hundred percent by Canadian bank deposits. FI-03 1: the token cannot function without active Canadian bank accounts. FI-04 1 and FI-05 1: everything is denominated in CAD and a CAD failure passes straight through. FI-06 2: fiat integration is the product, and no transition away from it is proposed. FI-07 3: a plain ERC-20 is composable with any local-currency contract without extensions, though nothing has been built on it. FI-08 3: interoperability comes from generic bridges and exchanges, with no monetary standard of its own. Weighted 1.70.

TR-01 4: operational and republished nine days before this rating, but with 165 lifetime transfers and about 18 dollars of daily volume it is not growing. TR-02 4: QCAD has existed as a project since February 2020, six years, although the current contract is seven months old. TR-03 1: 48 holders on Ethereum. TR-04 1: no merchant or business acceptance found. TR-05 2: always quoted as one Canadian dollar, never used as a unit of account in its own right. TR-06 4: Stablecorp is an operating company with public output in 2026. TR-07 3: Coinbase, Circle, Base and VersaBank are named. TR-08 3: specialist crypto media coverage. TR-09 3: no subsidies, but also almost no adoption to test. TR-10 3: the float grew from zero this year, while the Base contract still holds nothing nine months after the Base launch announcement. TR-11 2: a corporate compliance product with no community identity. Weighted 2.34.

SO-01 1: the issuer can stop minting and, through the proxy, change the token at will. SO-02 2: the contract is verified on Ethereum, but the issuance stack is proprietary. SO-03 1: one jurisdiction, Canada, and the product exists because a Canadian regulator allowed it. SO-04 3: holders self-custody the token, while reserves and redemption stay with the issuer. SO-05 3: a company team, none of it publicly documented. SO-06 2: Canadian banking access is a critical dependency with no fallback. SO-07 2: a prospectus-qualified instrument carries compliance freeze obligations, and the proxy can add the capability silently. SO-08 3: pseudonymous on-chain, KYC at the mint and redeem doors. SO-09 2: the token is a TransparentUpgradeableProxy under EIP-1967 whose admin can replace the implementation, with no time-lock or public review found. Weighted 1.96.

GO-01 2: decisions are corporate and no governance procedure is published. GO-02 1: one entity. GO-03 2: monthly attestations are claimed but unreachable, the issuer publishes no contract address on any surface read, and there is no governance record. GO-04 1: there is no governance to capture. GO-05 1: upgrades run through the proxy admin with no notice mechanism found. GO-06 2: no separation between monetary and operational decisions. GO-07 3: the prospectus and trust deed are binding legal documents, though not reachable from this box. GO-08 1: one address can change the token's rules instantly. Weighted 1.60.

RE-01 1: the current instrument is seven months old and has faced nothing. RE-02 3: three chains, one issuer, one hosted site. RE-03 3: reserves sit in a regulated trust and the contract is verified, so partial reconstruction is possible. RE-04 4: a one-to-one fiat wrapper is simple and well documented. RE-05 4: Ethereum, Base and Solana are major stacks and the proxy makes redeployment easy. RE-06 2: no published stress mechanism, circuit breaker or wind-down procedure. RE-07 3: Coinbase and Circle back the company, and float income at this size is negligible. RE-08 2: the design assumes an always-on internet and one country's banking system. RE-09 3: a standard ERC-20 that agents can hold and transfer, though minting and redeeming need human KYC. Weighted 2.36.

IN-01 2: anyone can hold QCAD, but only authorised partners can mint or redeem it, so retail has no way in or out at par. IN-02 3: Ethereum gas, since the Base contract that would make transfers cheap holds no tokens. IN-03 2: the product is aimed at fintechs, exchanges and enterprises. IN-04 2: reserve income accrues to the issuer and holders receive nothing. IN-05 2: authorised partners and ordinary holders live under different rules. IN-06 2: full identity verification is required for the mint and redeem functions. IN-07 3: no anti-concentration mechanism, and no yield to compound either. Weighted 2.20.