Tetra Digital Group has raised $10 million in investment capital as the financial technology innovator aims to launch the first stablecoin backed by Canadian fiat next year.
Tetra, parent company of Calgary’s Tetra Trust as well as Tetra Unity, secured the $10M from an array of investors, including Toronto’s Wealthsimple, Purpose Unlimited, Montreal’s Shakepay, Edmonton’s ATB Financial, the National Bank, Ottawa’s Shopify, and Urbana, a publicly traded corporation with a focus on financial services and innovative technologies.
With a plan to launch the stablecoin in 2026, Tetra’s bold move marks a first in Canada.
The new stablecoin will leverage the Digital Group’s institutional-grade custody infrastructure to provide businesses and consumers with a stable, secure, and fully compliant digital currency backed 1-for-1 by Canadian dollar reserves, according to a statement from the firm.
Blair Wiley, Chief Legal Officer at Wealthsimple, believes the initiative “represents a defining moment for Canada’s digital economy.”
“Tetra has sparked nationwide enthusiasm across century-old institutions, tech leaders, traditional financial services, and those at the forefront of financial innovation,” Wiley commented. “The depth of experience at the table will create a truly Canadian stablecoin solution that will open up new opportunities for businesses, consumers and homegrown talent.”
Wealthsimple started working with Tetra Trust earlier this year, rendering the Alberta entity the first Canadian custodian for the platform.
Tetra, founded in 2019 to become Canada’s first trust company licensed to custody digital assets, has previously worked with crypto titan Coinbase as well as Coinsquare and Figment.
But this could be the fintech’s most ambitious collaboration yet.
“Today marks a pivotal moment for Canadian financial innovation,” remarked Didier Lavallée, chief executive officer of Tetra Digital Group.
“By bringing together many of Canada’s most trusted financial institutions and companies, we’re not just launching a stablecoin–we’re supporting homegrown solutions, built by Canadians, for Canadians, and ensuring we maintain economic sovereignty,” the CEO stated.
Som Seif, CEO of Purpose Unlimited, agrees, describing the move as “a groundbreaking initiative for Canada’s financial future.”
Daniel Ordibehesht who heads Strategy and Corporate Development for ATB Financial, believes that the “development of a regulated Canadian stablecoin … will provide a secure and reliable foundation for digital payments and commerce, creating new opportunities for our clients and Canadian businesses.”
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