Canada's Big Six Banks Explore Tokenized Deposits

Canada's Big Six Banks have partnered to explore the development of Canadian-dollar tokenized deposits.

The initiative aims to create a new type of digital asset that represents a deposit in Canadian dollars, allowing banks to issue tokens representing these deposits on blockchain technology.

The partnership brings together some of Canada's largest financial institutions, including Bank of Montreal, CIBC, RBC Royal Bank, Scotiabank, TD Bank Group, and Toronto-Dominion Bank.