Canada's Six Largest Banks Explore Tokenized Canadian-Dollar Deposits

Canada's six major banks, including Bank of Montreal, CIBC, National Bank of Canada, Royal Bank of Canada, Scotiabank, and TD Bank Group, are collaborating to test tokenized Canadian-dollar deposits. The initiative aims to facilitate faster, programmable payments within the regulated banking system, distinguishing these assets from privately issued stablecoins. The project may eventually integrate with other digital-asset systems and expand to include additional deposit-taking institutions.