Wealthsimple has begun offering CADD, the Canadian dollar stablecoin issued by Tetra Trust Company, to a group of retail clients. The two companies announced the beta and plan to extend access to all Wealthsimple clients by year-end. Participants can buy, hold, sell, send and receive the token in its app, paying suppliers or sending money abroad without first converting to a U.S. dollar stablecoin.
Each CADD is redeemable for one Canadian dollar, with Tetra Trust holding a dollar in reserve for every token it issues. Wealthsimple will also fund a promotion paying eligible clients 3.25% annually on their CADD balances, with rewards paid weekly in CADD.
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