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【Canada’s Big Six Banks Jointly Launch Interbank Tokenized Deposit Plan】
Canada’s six largest banks announced a joint exploration of a Canadian dollar tokenized deposit system aimed at accelerating fund transfers between financial institutions and ultimately connecting with other digital asset initiatives. TD Bank said in an announcement on Tuesday that Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Scotiabank, and TD Bank Group had jointly formed the venture, with more banks potentially joining in the future. The project’s first phase will focus on enabling tokenized deposits to be transferred among participating banks. In a joint statement, the parties said the first phase is intended to enable the efficient circulation of tokenized deposits among Canadian financial institutions, with the long-term goal of connecting to other emerging digital asset initiatives. Tokenized deposits are digital representations of funds and assets already held by banks. Unlike independent stablecoins issued by crypto companies, this system can enable programmable payments 7×24 hours within the regulated banking system. Canada’s move comes as the global banking industry competes to put deposits on-chain. In the United States, regional banks are building a shared tokenized deposit network, while JPMorgan Chase, Citigroup, and Wells Fargo have also launched their own institutional products. Swift has recently begun testing cross-border payments using tokenized deposits. In addition, the Bank of Canada, Royal Bank of Canada, and TD Bank completed the Project Samara test in March this year, issuing, trading, and settling 100 million Canadian dollars (approximately 71 million US dollars) in bonds on a distributed ledger. In May, Shopify and National Bank of Canada also supported the launch of a regulated digital Canadian dollar.
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