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Calgary’s Tetra launches first Canadian dollar-backed stablecoin issued by financial institution
The token is backed 1:1 by Canadian dollars and is designed to speed business and cross-border payments under Alberta approval.
On Monday, Tetra Digital Group launched CADD, Canada's first Canadian-dollar stablecoin issued by a regulated financial institution, following approval from Alberta Treasury Board and Finance.
Unlike competitors often treated as securities, CADD operates as a regulated payment instrument where Tetra Trust Company legally owes holders one Canadian dollar per token, avoiding securities law barriers.
Major financial players including Wealthsimple, National Bank of Canada, and Shopify are supporting the token, with Mr. Priuli expecting initial demand to stem from business-to-business transactions.
Global stablecoin market capitalization has surpassed $400-billion this year according to Deloitte, though a Kansas City Federal Reserve Bank study shows consumer adoption remains below one per cent.
Chair of Urbana Corporation Thomas Caldwell hailed the launch as an 'exciting first for Canada,' with Urbana holding approximately 47% of Tetra Digital and advancing national digital asset infrastructure.