Why Canada Needs Its Own Stablecoin Superpower (Kevin Zhang, Paytrie & Loon)

What we talked about.

In this episode, Sunny Ray sits down with Kevin Zhang, co-founder of Paytrie and Loon, to trace his path from engineering at the University of Waterloo to becoming TD Bank's first technical blockchain hire in 2015. Kevin recounts early exposure to Bitcoin while interning in Silicon Valley, his years at ConsenSys where he met his Paytrie co-founder Henry, and how the collapse of Quadriga CX inspired them to build a non-custodial way for Canadians to buy and sell crypto. The conversation moves into the shifting regulatory landscape in the US and Canada, the rise of stablecoins, and why Kevin believes the Canadian dollar needs its own stablecoin to avoid being sidelined by USD dominance. He shares details on Loon, a Canadian dollar stablecoin built from DeFi primitives outward, and reflects on Canada's underappreciated role in Ethereum's origins. The episode closes with Kevin's thoughts on building homegrown crypto infrastructure and where listeners can follow his work.

Paytrie and Loon co-founder Kevin Zhang on building Canada's own stablecoin and reclaiming its role in crypto's origin story.

The questions, and the answers.

What were you doing at TD Bank when we first met?

I was working on foreign exchange systems at TD, and a few months later I transitioned to their blockchain team. I was the first technical blockchain hire at TD back in 2015 when they started a small group looking into the technology.

What's your background before TD, and how did you get into money and crypto?

I graduated from the University of Waterloo in engineering and expected to end up in Silicon Valley like my classmates, but I stayed in Canada and joined TD. Later I spent a few years at ConsenSys, founded by Joseph Lubin, where I met my Paytrie co-founder Henry. Quadriga CX losing customer funds pushed us to build a non-custodial way for Canadians to buy and sell crypto.

Was Bitcoin your first exposure to this space?

Absolutely, like it was for many people. While interning at a company in Silicon Valley during university, a colleague who mined Bitcoin asked me to help him buy and ship a Bitcoin miner from someone in Ottawa to San Francisco. That was my first real exposure to crypto, and it stuck with me.

What has building Paytrie been like, and what were the biggest challenges?

It's tough, between banking regulation, bear and bull markets, and a lack of consistency. Crypto markets run 24/7 and can be volatile at any hour, so our systems have to be reliable to help people move funds and avoid liquidations. The hardest part has been finding banking partners willing to service a crypto business, especially in Canada.

What happened in the US that shifted the environment for stablecoins, and is Canada keeping up?

About a year ago there was a full one-eighty from the hostile SEC environment of the prior few years, and now it's full steam ahead, with companies like Polymarket thriving. In Canada, the stablecoin act included in the November 2025 budget was a huge signal that Canada wants to be involved in the new online economy and defend the Canadian dollar's position.

Is this more about defending Canada's position or exporting the Canadian dollar globally?

It's a bit of both. We need to defend our position at minimum, but we also want to be on the offensive and export the Canadian dollar. The US exports the US dollar to emerging markets through stablecoins, letting people hold dollars without a US bank account, which effectively offshores US debt to the rest of the world.

Tell us about what you're building at Loon.

We're bringing a mass market Canadian dollar stablecoin to Canada and beyond, starting from DeFi outward by building primitives like decentralized exchanges and lending protocols. As that foundation grows, we move up the stack toward fintechs and TradFi interfaces powered by DeFi in the background, similar to how Coinbase's Bitcoin lending is powered by Morpho.

Where can people learn more about you and your projects?

Mostly on LinkedIn and Twitter, where you can find me as Kevin Zhang. If you're looking to move funds between fiat and crypto, check out Paytrie, and if you want a Canadian dollar stablecoin, look out for Loon Finance.