LoonFinance, a new entity, has been established to issue and expand the Canadian dollar-backed stablecoin, $CADC. The company announced its launch with a $3 Million funding round led by Version One Ventures, with participation from Garage Capital and a syndicate of Canadian angel investors.

The $CADC stablecoin is not new; it has been in the market for over four years and has processed more than $200 million in volume in the current year alone. Originally an experiment within the payment company Paytrie, CADC will now be managed by the independent entity LoonFinance. This separation is designed to foster greater adoption of the stablecoin.

LoonFinance will assume the responsibilities of issuing CADC, while distribution will be handled through a network of partners, including Paytrie. The company's goal is to make CADC the most liquid and interoperable stablecoin in Canada, accessible across multiple platforms. LoonFinance is positioning itself as a neutral issuer to encourage a wide network of participants in the ecosystem.