Canada's Big Six Banks Team Up for Tokenized Deposits

Canada's Big Six banks have joined forces to explore digital money solutions. The initiative aims to bolster the country's payments infrastructure by developing a digital representation of bank deposits, known as tokenized deposits.

The banks launched this project on September 22, 2026, and are focusing on creating digital money based in Canadian dollars using blockchain technology or similar methods.

Tokenized deposits can facilitate almost instant transactions and transfers around the clock. This could streamline payments for consumers and businesses alike.