Canadian Banks Collaborate on Tokenized Deposit Solution

Six major Canadian banks have joined forces to explore the development of a secure tokenized deposit solution in Canadian dollars. 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 while preserving safety, stability, and effective regulatory oversight. The first phase focuses on moving tokenized deposits efficiently across Canadian financial institutions with a long-term goal of connecting with other emerging digital assets initiatives.

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). Other deposit-taking institutions may be included in the project at a later stage.