Loon, the issuer of the Canadian dollar stablecoin CADC, has moved the token to the OFT (Omnichain Fungible Token) standard from @LayerZero_Core's @LayerZero protocol. The change lets $CADC m
Loon, the issuer of the Canadian dollar stablecoin CADC, has moved the token to the OFT (Omnichain Fungible Token) standard from @LayerZero_Core's @LayerZero protocol. The change lets $CADC move between @Ethereum, @Base, @Polygon and @Solana through native transfers rather than wrapped versions routed through bridges, according to the project. All four chains draw on a single shared liquidity pool.
Wrapped tokens typically depend on bridge contracts that lock the original asset on one chain and issue a representation on another. A native omnichain standard removes that intermediate step, which can simplify transfers and reduce fragmentation of liquidity across networks. For a smaller currency such as the Canadian dollar, pooling liquidity may matter more than it would for larger stablecoins.
CADC is a fiat-backed token pegged to the Canadian dollar. Loon's support centre says it is backed 1:1 by Canadian dollars held in a segregated cash account at ATB Financial, with monthly third-party attestations of reserves. Loon's website lists availability on Ethereum, Base, Polygon, Arbitrum and Solana.
The upgrade follows a regulatory milestone. Fintech.ca reported that the Ontario Securities Commission issued a receipt for the final prospectus of CADC Reserve Trust, qualifying distribution of CADC tokens in every Canadian province and territory. Loon Payments serves as the trust's administrator and servicer. BetaKit reported that Loon still has work to do on compliance, including migrating legacy CADC to the new contract.
On usage, Loon's own blog states that Canadians have put nearly C$1 billion in cumulative transaction volume through CADC since 2021, while cautioning that past volume does not indicate future performance. CADC was originally launched by Paytrie, and Loon acquired it in 2025 after a C$3 million pre-seed round led by Version One Ventures, as a PR Newswire release detailed.
Canada's stablecoin market remains small and competitive. CoinGeek noted that the government's new stablecoin framework would currently apply to a handful of issuers, including Stablecorp's QCAD and Loon's CADC.
Fintech.ca: Loon Advances CADC Stablecoin With National Offering MilestoneBetaKit: Loon Clears Key Regulatory Hurdle to Offer Canadian Dollar-Backed StablecoinLoon: CADC Is Now Distributed Under a Final Prospectus
