Canada’s six largest commercial banks are developing a joint tokenized deposit system denominated in Canadian dollars. The collaboration includes RBC, Toronto-Dominion Bank, Scotiabank, BMO, CIBC, and National Bank of Canada.
The initiative enables direct interbank settlements using digital representations of commercial money within existing regulatory frameworks. This strategic alliance creates a 24/7 system for capital transfers with programmable capabilities.
Unlike private stablecoins, these tokenized deposits serve as direct claims against the participating banks' balance sheets. This structure aims to mitigate counterparty risks while modernizing wholesale payments through blockchain technology.
The consortium has not set a date for a full commercial rollout. However, the banks plan to release operational parameters for the initial phase before the end of Q4 2026.