Canada's Big Six Banks Unite for Tokenized Deposit Project

Canada's six largest banks have joined forces to develop a tokenized deposit project that will enable 24/7 blockchain payments nationwide. The initiative, which was announced on September 22, 2026, marks a significant step towards the adoption of Canadian banks' tokenized deposits.

The project aims to create a faster and more efficient payment system for Canadian customers while preserving safety, stability, and regulatory oversight. The six participating banks include Bank of Montreal (BMO), Royal Bank of Canada (RBC), Toronto Dominion Bank (TD), The Bank of Nova Scotia (Scotiabank), National Bank of Canada, and Canadian Imperial Bank of Commerce (CIBC).

The tokenized deposit solution will be based on the Canadian dollar and will allow for programmable payments. This means that transactions can be processed in near real-time, without the need for batch-based transfers. The project is still in its exploratory phase and has not yet been rolled out to consumers.