Calgary-based FinTech startup Loon has launched and closed $3 million CAD in pre-seed funding to develop a regulated, Canadian dollar-backed stablecoin. Led by former employees at Toronto’s Paytrie , the newly-formed company has been spun up to focus exclusively on the growth of Paytrie’s CADC stablecoin , which Loon is acquiring.

Loon CEO Kevin Zhang envisions CADC serving as a “neutral party to all players in the space.”

CADC, which has been available since 2021, began as an experiment Paytrie ran on the side as it built out its core stablecoin on- and off-ramp businesses. “There hasn’t been a lot of fanfare around it,” Paytrie co-founder and Loon co-founder and CEO Kevin Zhang told BetaKit in an interview. “We haven’t pushed it very hard.”

For years, Canada’s digital asset economy ha

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