Tetra Digital Group has deployed CADD, its Canadian-dollar stablecoin, on the Solana network. The September 23 launch expands CADD's availability beyond its earlier deployments on Ethereum, Base, and Tempo blockchains.
Each CADD token is backed on a 1:1 basis by Canadian-dollar reserves held by Tetra. The company describes CADD as the first Canadian-dollar stablecoin issued by a regulated financial institution and can be used for payments, transfers, treasury operations, and settlement.
Market Opportunity for Non-Dollar Stablecoins
Most stablecoin activity centers on U.S. dollar-denominated assets, with USDT and USDC dominating onchain liquidity and trading. Users dealing in other currencies typically convert through dollar-denominated stablecoins.
CADD provides an alternative for Canadian-dollar transactions. Solana offers low-cost, high-throughput settlement and an active stablecoin ecosystem, creating infrastructure that payment companies and financial applications can build around.
Verification Challenges on Permissionless Networks
Following the Solana launch, Tetra warned users that copycat CADD tokens were appearing on the network and published the official mint address. On permissionless blockchains, anyone can create tokens with familiar tickers, making official mint verification essential for applications integrating the asset.
The success of CADD will depend on whether Canadian businesses find sufficient value in onchain Canadian-dollar liquidity to reduce reliance on U.S. dollar stablecoins for domestic transactions.
