'Big Six' Canadian banks join global push for commercial bank deposit tokenization
Canada’s six largest banks—BMO, CIBC, National Bank, RBC, Scotiabank and TD—are exploring a shared system to move Canadian-dollar tokenized deposits between institutions. The first phase will focus on interbank transfers, with a longer-term aim of connecting to other digital-asset initiatives. The banks say the project could enable faster, programmable payments while maintaining regulatory oversight and financial stability. Tokenized deposits represent money already held at a bank and are distinct from crypto-company-issued stablecoins. The project does not commit the banks to issuing tokens. The initiative follows regulatory guidance that tokenized deposits are legally equivalent to traditional deposits and builds on Canada’s earlier experiments with blockchain-based financial markets.
