Tetra Digital Group, a digital asset custodian based in Alberta, Canada, said on Monday it has raised around $10 million to develop and issue a regulated stablecoin pegged to the Canadian dollar.

Backers of the project include Shopify, Wealthsimple, Purpose Unlimited, Shakepay, ATB Financial, National Bank and Urbana Corporation, which has held a majority stake in Tetra since April.

The firm aims to roll out the stablecoin in early 2026, subject to regulatory approval. The token would be issued through Tetra Trust, regulated digital asset custody subsidiary, and would be backed 1:1 with Canadian dollar reserves held domestically, according to the press release.

Stablecoins, a special group of cryptocurrencies on blockchains with prices tied to fiat currencies, are increasingly being viewed as a faster, cheaper alternative for global payments. The market is projected to surpass $1 trillion in the next few years from $270 billion, but it’s overwhelmingly dominated by tokens anchored to the U.S. dollar.

Tetra Digital’s goal with developing a Canadian dollar stablecoin is to “create a reliable, institutional-grade solution for Canadian dollar payments and remittances at scale,” the firm said.

“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,” CEO Didier Lavallée said in a statement.

Earlier this year, Toronto-based fintech Stablecorp raised $1.8 million including from Coinbase Ventures to advance development of its Canadian dollar-pegged QCAD stablecoin. The firm filed a preliminary prospectus with the Ontario Securities Commission for the token’s issuance in June.