Six major Canadian banks collaborate on tokenized deposit project

The six largest Canadian banks, representing over 90% of the country's banking market, are jointly developing a tokenized deposit project to improve the speed and efficiency of interbank payments. Unlike stablecoins, these tokenized deposits remain on the banks' balance sheets and are subject to existing regulatory protections. This initiative aims to enable near-instant, programmable settlements, following similar efforts by global institutions like JPMorgan, Citi, and HSBC.