Canada's largest banks explore tokenized bank deposits

Canada's six largest banks are exploring tokenized Canadian-dollar deposits as they evaluate faster and more programmable interbank payments.
The initiative involves Bank of Montreal, CIBC, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank Group, which collectively manage approximately C$6.24 trillion in deposits.
Tokenized deposits could allow commercial-bank money to move across digital infrastructure more efficiently while remaining distinct from privately issued stablecoins. The initiative remains exploratory, so its eventual structure and deployment timeline are not yet established.