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Tetra Digital Raises $10M to Create a Regulated Canadian Dollar Stablecoin
The firm is targeting an early 2026 launch, backed by investors such as Shopify, Wealthsimple and National Bank.
Sep 8, 2025, 2:15 p.m.
What to know:
- Tetra Digital Group has raised $10 million to develop a regulated stablecoin pegged to the Canadian dollar.
- The stablecoin will be backed 1:1 with Canadian dollar reserves and is planned for release in early 2026, subject to regulatory approval.
- The firm targets Canadian dollar payments and remittances at scale, it said in a press release.
Tetra Digital Group, a digital asset custodian based in Alberta, Canada, said on Monday it has raised around $10 million to develop and issue a regulated stablecoin pegged to the Canadian dollar.
Backers of the project include Shopify, Wealthsimple, Purpose Unlimited, Shakepay, ATB Financial, National Bank and Urbana Corporation, which has held a majority stake in Tetra since April.
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The firm aims to roll out the stablecoin in early 2026, subject to regulatory approval. The token would be issued through Tetra Trust, regulated digital asset custody subsidiary, and would be backed 1:1 with Canadian dollar reserves held domestically, according to the press release.
Stablecoins, a special group of cryptocurrencies on blockchains with prices tied to fiat currencies, are increasingly being viewed as a faster, cheaper alternative for global payments. The market is projected to surpass $1 trillion in the next few years from $270 billion, but it's overwhelmingly dominated by tokens anchored to the U.S. dollar.
Tetra Digital's goal with developing a Canadian dollar stablecoin is to "create a reliable, institutional-grade solution for Canadian dollar payments and remittances at scale," the firm said.
"By bringing together many of Canada's most trusted financial institutions and companies, we're not just launching a stablecoin — we're supporting homegrown solutions, built by Canadians, for Canadians and ensuring we maintain economic sovereignty," CEO Didier Lavallée said in a statement.
Earlier this year, Toronto-based fintech Stablecorp raised $1.8 million including from Coinbase Ventures to advance development of its Canadian dollar-pegged QCAD stablecoin. The firm filed a preliminary prospectus with the Ontario Securities Commission for the token's issuance in June.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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