Canadian Banks and Coinbase Drive Tokenization Push
Canada's financial sector is pushing into tokenized deposits through a new interbank initiative. Six major banks, comprising the 'Big Six', announced the formal consortium on September 22, 2026. The project focuses on direct custody of tokenized deposits in the initial phase.
The Office of the Superintendent of Financial Institutions (OSFI) stated that tokenized deposits are legally equivalent to traditional bank deposits, regardless of whether blockchain or another digital system represents them.
Coinbase has launched regulated derivatives contracts in Canada through its registered entity Coinbase Financial Markets (CFM). The platform offers 23 perpetual and expiring futures contracts, marking a significant expansion into the Canadian market.