Calgary’s Loon Payments has reached a milestone in bringing its Canadian-dollar stablecoin to users across the country.
CADC Reserve Trust announced today that the Ontario Securities Commission issued a receipt for its final prospectus, qualifying the distribution of CADC tokens in every Canadian province and territory. Loon Payments serves as the trust’s administrator and servicer.
The announcement comes exactly one year after Fintech.ca covered Loon’s $3-million pre-seed financing, led by Version One Ventures with participation from Garage Capital and Canadian angel investors. At the time, Loon also announced its acquisition of CADC from Paytrie, with funding earmarked for product development, regulatory engagement, and hiring.
Eligible Canadian customers can purchase CADC and sell it for Canadian dollars through Paytrie using Interac e-Transfer, subject to the platform’s terms. Tokens can be held in self-hosted wallets and used to send and receive payments.
“A Canadian dollar stablecoin is only useful if Canadians can get access to it,” said Kevin Zhang, CEO of Loon Payments.
CADC is designed to maintain a value of one Canadian dollar per token. For each token purchased from the issuer, C$1 is deposited into a segregated reserve trust account at ATB Financial.
Distribution takes place through authorized participants, subject to eligibility requirements. The prospectus, available through SEDAR+, details reserve arrangements, redemption conditions, financial reporting, and monthly attestations.
The development adds to a growing Canadian-dollar stablecoin ecosystem. Fintech.ca previously reported on Tetra’s CADD launch across Base, Ethereum, and Tempo, aimed at institutional payments and settlement.
Meanwhile, Stablecorp’s alliance with Deloitte Canada focuses on bringing QCAD-based infrastructure to financial institutions. Together, these initiatives reflect efforts to expand the role of Canadian dollars in blockchain-based payments.
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