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Big Banks Launch Collaborative Effort to Move Tokenized Deposits Between Institutions
The first phase will move tokenized deposits between banks as lenders seek faster payments and tighter oversight.
- On Tuesday, Canada's six largest banks—Royal Bank of Canada, Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, and National Bank of Canada—launched a collaborative project exploring Canadian dollar-based tokenized deposits.
- The collaborative effort seeks to deliver faster, programmable payments while preserving safety and effective regulatory oversight, ensuring Canada's payments infrastructure remains secure and competitive as digital money evolves globally.
- OSFI stated earlier this month that tokenized deposits are permissible under existing banking legislation, noting these digital assets are "not legally distinct from traditional deposits."
- The Canadian project follows plans announced earlier this year for a consortium of major U.S. banks to connect tokenized deposits, aiming to counter growing competition from stablecoins.
- Prime Minister Mark Carney is pushing to strengthen Canada's domestic economy and reduce reliance on U.S. markets amid heightened trade tensions, positioning this initiative within broader economic strategy.
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30 Articles
30 Articles
Major Canadian banks are exploring the possibility of developing digital monetary solutions based on the Canadian dollar, starting with a token deposit initiative.
·Montreal, Canada
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Canada’s Big Six Banks Jointly Explore Digital Deposits Network
Canada’s six biggest banks launched a project to jointly explore digital money solutions, beginning with tokenized deposits, in what they say is a bid to bolster the country’s payments infrastructure.
·New York, United States
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Big banks launch collaborative effort to move tokenized deposits between institutions
Canada's big banks are exploring the development of Canadian dollar-based digital money, starting with a tokenized deposits initiative. Tokenized deposits are traditional bank deposits recorded on a decentralized database or distributed ledger, such as a blockchain. The tokens would be issued by com...
·Kelowna, Canada
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Total News Sources30
Leaning Left5Leaning Right0Center6Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 45%
C 55%
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