Tetra Digital Group, a custodian of digital assets based in Alberta, Canada, said Monday that he has raised around $ 10 million to develop and issue a regulated stable with the Canadian dollar.
Project sponsors include Shopify, Wealthsimple, Purpose Unlimited, Shakepay, ATB Financial, National Bank and Urban Corporation, which has had a majority participation in Tetra since April.
The firm aims to deploy the stablecoin in early 2026, subject to regulatory approval. The Token would be issued through Tetra Trust, a regulated subsidiary of the custody of digital assets, and would be backed 1: 1 with the Canadian dollar reserves held in the country, according to the press release.
Stablecoins, a special cryptocurrency group in blockchains with prices linked to fiduciary coins, are increasingly considered as a faster and more cheap alternative for global payments. The market is expected to exceed $ 1 billion in the coming years of $ 270 billion, but is overwhelmingly dominated by tokens anchored to the US dollar.
The goal of Tetra Digital with the development of a Canadian dollar stable is “to create a reliable institutional degree solution for payments and remittances of Canadian dollar at scale,” said the firm.
“By gathering many of the most reliable financial institutions and companies in Canada, we are not only launching a stable, we are supporting local solutions, built by Canadians, for Canadians and ensuring that we maintain economic sovereignty,” said CEO Didier Lavallée in a statement.
Earlier this year, Fintech Stablecorp, based in Toronto, raised $ 1.8 million, including Coinbase Ventures to advance in the development of its QCAD Stablocoin Canadian, with one dollar. The firm presented a preliminary prospect before the Ontario Securities Commission for the Issue of Token in June.
