Canadian Banks Explore Tokenized Deposits for Faster Payments

Six of Canada's largest banks are exploring tokenized Canadian dollar deposits to enable faster and more efficient payments.

The participating institutions, which collectively manage C$6.24 trillion in deposits, aim to move digital representations of bank deposits between financial institutions more efficiently.

This initiative is part of a broader effort by Canadian financial institutions and policymakers to examine how tokenization and distributed ledger technology can be applied to payments and financial markets.