Tetra Trust Launches First Canadian Dollar-Backed Stablecoin

Tetra Trust, a Calgary-based company, has introduced a Canadian dollar-backed stablecoin called CADD. The token is now trading on three blockchains after receiving approval from the Alberta Treasury Board.

The launch of CADD marks a significant step in the development of the Canadian stablecoin market. Previously, most stablecoins used in Canada were pegged to the US dollar, which could limit the country's sovereignty over its financial system.

Tetra Trust received backing from several major companies, including Shopify and Wealthsimple, to launch CADD. The company formed last year as a new parent entity of Tetra Trust.