Paytrie Launches Canadian Dollar Stablecoin Remittances

Stablecoin infrastructure company Paytrie has launched what it claims is a first-of-its-kind Canadian dollar stablecoin remittance service.

The service uses CACD, a Canadian-dollar stablecoin issued by Loon to deliver fast, affordable payments to countries around the world, starting with Mexico and Nigeria.

That’s not to say that CACD is making the whole voyage to remittance recipients. Instead, Canadian users convert Canadian dollars into CACD, which is then converted into Circle’s U.S.-dollar-denominated stablecoin USDC. That is then routed through the Circle Payments Network for a local currency payout in the recipient country.

This allows Canadian dollar-backed digital assets to be used for real-world cross-border payments

Paytrie called Canada “a diaspora country,” noting that millions of Canadians maintain personal, family and financial ties across borders.

“Canada is home to communities with deep ties around the world, and Canadians need better ways to send money across borders,” said Jason Tong, CEO of Paytrie. “For the first time, a Canadian dollar stablecoin is being used to help power fast and affordable remittances from Canada. CADC gives Canadians a familiar Canadian dollar starting point, while USDC and global stablecoin infrastructure help move value across borders more efficiently.”

Paytrie is registered as a Payment Service Provider with the Bank of Canada and as a Money Services Business with FINTRAC, Canada’s financial intelligence unit and anti-money-laundering (AML) regulator.

Stablecoins are changing remittances

Remittances are an important stablecoin use-case, accounting for about $90 billion in annualized stablecoin payments volume, McKinsey & Co. said earlier this year. That’s a small but significant part of the $35 trillion in reported annual stablecoin transaction volume.

Stablecoins are changing the face of global remittances, a business that accounted for $905 billion in 2024, up 4.6% according to the World Bank. $685 billion of that went to low- and middle-income countries. That included $129 billion to India, $68 billion to Mexico, and $48 billion to China, the three largest recipients, the World Bank said.

“This is an important proof point for Canadian stablecoins,” Tong said. “CADC can become part of real payment flows that solve practical problems for Canadians, starting with remittances and expanding into broader cross-border payment use cases.”