Ledger Enterprise Case Study: CADD Issued By Tetra Trust

CADD Background

Launched on March 30, 2026, CADD, issued by Tetra Trust Company, is Canada’s first Canadian dollar stablecoin under a financial services regulatory framework. Structured as a payment token rather than a security under Canadian law, every CADD token is backed 1:1 by Canadian dollars held in a segregated reserve trust in Canadian banks and invested exclusively in Canadian Liquid Assets.

CADD is designed to become the industry-standard Canadian dollar stablecoin, enabling regulated, institutional-grade on-chain cash for payments, trading, lending, and settlement. The team is actively working with a group of leading Canadian financial institutions and fintech platforms, including Wealthsimple, National Bank, ATB, Shopify, Purpose, and Shakepay.

The Challenge 

When CADD sought a custody and governance solution to underpin its stablecoin infrastructure, it quickly became clear that traditional custody and wallet solutions could not provide the combination of hardware-backed security and operational flexibility required for a regulated stablecoin issuer.

Specific challenges included:

• CADD is designed to operate across multiple blockchain networks, meaning treasury and operational wallets needed to be managed securely at scale, without exposing private keys to internet-connected environments that could be vulnerable to remote attacks.
• The mint-and-burn mechanism at the heart of CADD’s protocol demands that every minting, transfer, and redemption event be fully traceable through defined approval chains.
• As a multi-provider operation spanning issuance, compliance, fiat settlement, and on-chain execution, CADD needed a solution that could slot into a sophisticated institutional stack.
• Operating as Canada’s first regulated stablecoin issuer, CADD was held to an exceptionally high security bar by its institutional partners, regulators, and counterparties. Any custody solution would need to demonstrate both institutional and technical credibility.

The Solution

CADD selected Ledger Enterprise as the secure execution layer for key management and transaction authorization within its broader technology stack. 

Ledger Enterprise’s hardware-backed key management provided the critical offline isolation needed to secure the CADD reserve for Tetra’s custody clients, keeping them out of internet-connected environments where they would otherwise be exposed to risk.

Multi-approval governance policies gave the CADD team granular control over transaction execution, enforcing segregation of duties across internal teams and ensuring that minting, transfer, and redemption events followed a defined, auditable approval chain. This governance layer was essential for demonstrating compliance to regulators and building confidence with institutional counterparties.

Ledger Enterprise fits into CADD’s broader system as one component within a multi-provider architecture, integrating banking infrastructure for fiat settlement into a regulated trust structure, blockchain integrations across supported networks, and AML and transaction screening systems.

The Result

Ledger Enterprise has provided CADD with the operational foundation needed to launch and scale Canada’s first regulated stablecoin. 

Practically, the platform enables controlled execution of treasury-related movements, segregation of duties across internal teams, and reduced operational risk when interacting with on-chain infrastructure on a daily basis.

Strategically, the partnership has delivered stronger credibility with institutional partners and regulators, increased confidence from internal stakeholders and governance bodies, and a clear separation between infrastructure layers across custody, issuance, and compliance. 

Critically, it has given the team the ability to scale operations without compromising security or control.

At Tetra, we hold the highest standards for security, and we’ve found a great partner in Ledger. Ledger’s commitment to strong governance and exceptional customer support allows us to operate more efficiently. Additionally, Ledger’s evolving DeFi capabilities ensure we can continue to explore new opportunities with our clients.

Didier Lavallée, CEO at Tetra Digital Group

Looking Forward 

CADD’s partnership with Ledger Enterprise underpins its mission to become the industry-standard Canadian dollar stablecoin and a true sovereign settlement tool for Canadian institutions currently forced onto US-backed digital rails.

As CADD deepens integrations with its growing network of financial institutions and expands across supported blockchain networks, the hardware-backed key management, transparent auditability, and governance controls provided by Ledger Enterprise will remain central to its compliance posture and long-term operational integrity.

Ledger’s commitment to continuous product innovation aligns with CADD’s vision of building the regulated on-chain infrastructure that Canadian institutions need to participate fully in the digital asset economy.

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Contact us today to discuss how Ledger Enterprise can meet your digital custody and governance needs.