Canadian Banks Join Global Push for Commercial Bank Deposit Tokenization

The 'Big Six' Canadian banks have joined the global push for commercial bank deposit tokenization.

According to CoinDesk, this move follows a trend where several major financial institutions are exploring ways to tokenize deposits, allowing customers to hold digital tokens representing their accounts instead of traditional cash.

The initiative is led by the Canadian banks, which include Bank of Montreal (BMO), CIBC, RBC Royal Bank, Scotiabank, TD Bank, and Toronto-Dominion Bank (TD).