Key Highlights
- Tetra Digital Group’s Canadian-dollar stablecoin CADD is now live on Solana.
- CADD is backed 1:1 by Canadian-dollar reserves and was previously available on Ethereum and Base.
- Tetra says CADD can be used for payments, transfers, treasury operations and settlement.
Tetra Digital Group has expanded its Canadian-dollar stablecoin CADD to Solana, adding another blockchain to the token’s existing Ethereum and Base deployments.
Tetra announced the deployment on September 23, with Solana separately confirming that CADD was live on the network. CADD is designed to represent Canadian dollars on-chain and can be used for transfers, payments, treasury operations and settlement.
The expansion comes as Canada’s financial sector explores two different approaches to putting Canadian-dollar value on blockchain networks: stablecoins issued against reserves and tokenized deposits issued within the commercial banking system.
CADD goes live on Solana
Tetra Digital Group said in a post on X that CADD is now live on Solana.
“CADD is now live on @solana! CADD is the first Canadian-dollar stablecoin issued by a regulated financial institution, bringing CAD on-chain for payments, transfers, treasury and settlement.”
Tetra said each CADD token is backed by Canadian-dollar reserves held for redemption purposes.
The Solana deployment allows applications on the network to integrate CADD for CAD-denominated transfers and settlement functions.
Tetra develops corporate payment uses
Tetra has been positioning CADD for use beyond crypto trading, including corporate payments and treasury operations.
The company has been working on an integration with Berkeley Payment Solutions, whose infrastructure serves corporate, government and institutional clients.
The planned integration is intended to support Canadian-dollar transfers as well as Canada-U.S. supplier payments and contractor payouts.
The Solana deployment gives these potential use cases another blockchain environment in which CADD can operate.
Canada’s banks take a different approach
The CADD expansion is taking place alongside a separate project involving Canada’s six largest banks.
BMO, CIBC, RBC, Scotiabank, TD and National Bank are testing tokenized deposits for interbank transactions.
The bank-led model differs from CADD’s structure.
CADD is issued by Tetra Trust Company through its agent, CAD Digital Inc., and is backed 1:1 by Canadian-dollar reserves. Tokenized deposits, by contrast, represent deposits held within the commercial banking system in a digital form.
Both approaches are being explored for blockchain-based movement and settlement of Canadian-dollar value, but they rely on different issuers and financial structures.
Stablecoins and tokenized deposits follow separate models
The two developments highlight the different ways financial institutions and digital-asset companies are approaching blockchain-based payments.
A reserve-backed stablecoin such as CADD places Canadian-dollar reserves behind tokens that can circulate on supported blockchain networks.
The bank-led tokenized deposit model keeps the underlying liability within the banking system while representing deposits in tokenized form for participating institutions.
Neither initiative, based on the information currently available, replaces Canada’s existing payment infrastructure.
For CADD, the Solana deployment primarily expands where the stablecoin can be used. The bank project is initially focused on moving tokenized deposits across participating financial institutions.
CADD expands across blockchain networks
Tetra Trust Company, a Canadian trust company, launched CADD in May after receiving approval from Alberta Treasury Board and Finance.
The stablecoin is issued against Canadian-dollar reserves, with CAD Digital acting as its agent for issuance, distribution and redemption.
Its earlier Ethereum and Base deployments established the initial blockchain infrastructure, while Solana now adds another network for applications seeking CAD-denominated digital settlement.
The expansion comes as blockchain networks continue to develop infrastructure for stablecoins and blockchain-based payment applications.
What the Solana expansion means
CADD’s arrival on Solana gives developers another option for handling Canadian-dollar transactions on-chain, while the parallel bank initiative shows that tokenized deposits are being explored within Canada’s existing financial system.
The two projects are not direct substitutes, but they address a similar question: how Canadian-dollar value can move through blockchain-based infrastructure.
For now, CADD’s Solana deployment represents an expansion of an existing stablecoin, while the bank project remains focused on testing tokenized deposits for institutional settlement.
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