Six major Canadian banks explore tokenized deposits

Six major Canadian banks—BMO, CIBC, National Bank of Canada, RBC, Scotiabank, and TD Bank Group—are jointly exploring a system for tokenized deposits denominated in Canadian dollars. The initiative aims to improve the efficiency of interbank fund transfers and enable programmable payments. The banks emphasize safety, financial stability, and regulatory oversight. The Office of the Superintendent of Financial Institutions (OSFI) recently clarified that tokenized deposits are not legally distinct from traditional deposits and must comply with existing financial regulations.