Tetra Digital Group, a Digital Digital Active Digital Active Base in Alberta, Canada, said on Monday that it has raised about $ 10 million to develop and issue a regulated stableecoin associated with the Canadian dollar.
Backers of the project include Shopify, WealthSimple, Purpose Unlimited, Shakepay, ATB Financial, National Bank and Urbana Corporation, which has had a majority share in Tetra since April.
The company aims to roll out stablecoin in early 2026, subject to regulatory approval. The token would be issued through the Tetra Trust, regulated digital custody of custody, and would be supported 1: 1 with Canadian dollar reserves held domestic, according to the press release.
Stableecoins, a special group of cryptocurrencies on blockchains with prices tied to Fiat currency, is increasingly considered a faster, cheaper alternative to global payments. The market is expected to surpass $ 1 trillion in the next few years from $ 270 billion, but it is overwhelmingly dominated by tokens rooted to the US dollar.
Tetra Digital’s goal of developing a Canadian dollar stableecoin is to “create a reliable, institutional quality for Canadian dollar payments and transfers on scale,” the company said.
“By bringing together many of Canada’s most trusted financial institutions and businesses, we are not just launching a stablecoin – we support homework solutions, built by Canadians, for Canadians and ensures that we maintain financial sovereignty,” CEO Didier Lavallée said in a statement.
Earlier this year, Toronto-based Fintech StableCorp raised $ 1.8 million including from Coinbase Ventures to promote the development of its Canadian dollar-pegged QCAD stableecoin. The company submitted a preliminary prospectus at the Ontario Securities Commission for Token’s issue in June.
