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,”…