Canadian Banks Collaborate on Secure Tokenized Deposit Solution

Six major Canadian banks are exploring the development of a secure CAD tokenized deposit solution. This collaborative effort aims to keep Canada's payments infrastructure competitive and secure as digital money evolves globally.

The project seeks to deliver faster, more efficient, and programmable payments to Canadian customers while preserving safety, stability, and regulatory oversight.

The participating banks include Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada (NBC), Royal Bank of Canada (RBC), The Bank of Nova Scotia (Scotiabank), and TD Bank Group (TD). They anticipate including other deposit-taking institutions at a later time.