Canada’s six largest banks (BMO, RBC, TD Bank, Scotiabank, National Bank of Canada, and CIBC) are collaborating on a tokenized deposits project to accelerate interbank payments. These institutions control over 90% of the Canadian banking market, giving the initiative immediate structural weight. A tokenized deposit remains on the bank’s balance sheet, covered by standard regulatory protections, while circulating on blockchain infrastructure, enabling near-instant settlement at any time. The group is catching up with U.S. and European counterparts (JPMorgan, Citi, HSBC) who have been experimenting with this technology since 2019, as stablecoins now exceed 300 billion dollars in circulation and erode cross-border payment fees traditionally charged by banks. No deployment timeline or platform name has been announced.
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