Canada's Big Six Banks Unite on Tokenized Deposit Initiative

Canada's Big Six Banks Unite on Interbank Tokenized Deposit Initiative

The country's six largest banks are joining forces to develop a Canadian-dollar tokenized deposit system, aiming to make bank deposits easier to transfer between financial institutions using digital infrastructure.

The group includes BMO, CIBC, National Bank of Canada, RBC, Scotiabank, and TD. They plan to create an interbank framework for moving tokenized deposits across Canada's banking system.

The first phase will focus on transfers between participating banks, addressing a major challenge facing single-bank tokenized deposit systems.