Wealthsimple (a licensed Canadian brokerage) and Tetra Digital Group announced today that CADD, a Canadian dollar stablecoin issued by Tetra Trust, is now available on Wealthsimple, initially to a small group of test users, with plans to open it to all customers later this year. According to the companies, Wealthsimple is the first licensed financial institution to offer CADD to customers, and CADD is the first Canadian dollar stablecoin issued by a licensed financial institution.
According to the issuer, each CADD is 100% backed by low-risk Canadian dollar assets (cash, money market funds, and short-term Government of Canada bonds), held at regulated Canadian financial institutions, and redeemable for Canadian dollars at a 1:1 rate. Users can buy, hold, sell, send, and receive CADD in the app. The platform has also added a promotional reward: eligible balances earn 3.25% annually, paid weekly, funded by Wealthsimple. The issuer, Tetra Trust, is an Alberta-registered trust company regulated by the province's Treasury Board and Finance department. The companies also note that CADD is not legal tender and is not covered by deposit insurance.
#CADD #stablecoin
According to the issuer, each CADD is 100% backed by low-risk Canadian dollar assets (cash, money market funds, and short-term Government of Canada bonds), held at regulated Canadian financial institutions, and redeemable for Canadian dollars at a 1:1 rate. Users can buy, hold, sell, send, and receive CADD in the app. The platform has also added a promotional reward: eligible balances earn 3.25% annually, paid weekly, funded by Wealthsimple. The issuer, Tetra Trust, is an Alberta-registered trust company regulated by the province's Treasury Board and Finance department. The companies also note that CADD is not legal tender and is not covered by deposit insurance.
#CADD #stablecoin
