LayerZero and Loon announced that CADC, the Canadian dollar-backed stablecoin, will adopt the Omnichain Fungible Token (OFT) standard to move natively across different blockchains without requiring wrapped versions or tokens issued through bridges.
The integration will allow CADC to maintain a unified supply across all connected networks, preventing liquidity fragmentation and avoiding the custody-related risks associated with traditional bridges.
To configure the system, the two companies selected five verifiers: LayerZero Labs, Fidelity Center for Applied Technologies, Deutsche Telekom MMS, Canary, and Google Cloud. This setup will allow Loon to retain control over its smart contracts and tailor the infrastructure to its security and regulatory compliance requirements.
CADC accounts for approximately 60% of the Canadian dollar-denominated stablecoin supply and recently surpassed $500 million in transaction volume, according to LayerZero.
The company noted that stablecoins pegged to currencies other than the U.S. dollar grew 158% year over year, although they still account for less than 0.6% of a market with a total supply exceeding $320 billion.
With CADC, LayerZero expands its portfolio of local-currency stablecoins, which already includes assets pegged to the Mexican peso, British pound, Brazilian real, and South Korean won. Its OFT standard enables tokens to connect across more than 170 blockchains.
Source: LayerZero
Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.
This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions.
