Six of Canada's largest banks — Bank of Montreal, Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada, Royal Bank of Canada (RBC), Scotiabank and TD Bank Group — are jointly exploring a shared Canadian-dollar tokenized-deposit system.
According to announcements published by Scotiabank and CIBC on Sept. 22, the banks have outlined the first phase of the project, which centers on building a common infrastructure for tokenized deposits denominated in Canadian dollars.
The initiative brings together six major domestic banking institutions to work on a shared framework, signaling coordinated interest across Canada's banking sector in deposit tokenization.
Further details on the scope, timeline and technical design of the project were not specified in the initial announcements.
