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CADD is now trading on the Base, Ethereum and Tempo blockchains after receiving regulatory approval from Alberta Treasury Board and Finance, Calgary’s Tetra said in a release. The Canadian dollar stablecoin, a digital asset pegged to the value of a central bank-issued currency, is backed by a consortium of investors that also includes ATB Financial, Wealthsimple and Shopify. (The Logic)
Talking point: The Canadian stablecoin wars are heating up. CADD competitor QCAD announced in March that it’s working with Deloitte to create infrastructure that would connect it to Canadian financial institutions. BMO also announced that month that it will use a blockchain built by Google to issue tokenized versions of cash and bank deposits that will let clients settle trades, margin calls and collateral 24 hours a day. Forthcoming federal stablecoin legislation and a new willingness among regulators to let banks experiment with the technology have prompted the flurry of activity.
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