Canada's Big Six Banks Partner to Explore Canadian-Dollar Tokenized Deposit Initiative
By Adriano Marchese
Canada's major banks have partnered to explore a Canadian-dollar denominated tokenized deposit solution as a first step towards modernizing domestic payment infrastructure.
The six largest Canadian banks--Bank of Montreal, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Toronto-Dominion Bank--have formed a joint project to develop these digital money solutions.
Tokenized deposits are digital tokens issued by regulated banks that represent a direct one-to-one claim on traditional cash deposits that would be issued on a blockchain. The initiative aims to speed up and make more efficient and programmable payments to Canadian customers that fall under Canadian regulations.
The first phase of the project would be to move tokenized deposits efficiently across Canadian financial institutions with a longer term goal of connecting other similar digital asset initiatives.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
September 22, 2026 09:10 ET (13:10 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.The articles, information, and content displayed on this webpage may include materials prepared and provided by third parties. Such third-party content is offered for informational purposes only and is not endorsed, reviewed, or verified by Morningstar.
Morningstar makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any third-party content displayed on this site. The views and opinions expressed in third-party content are those of the respective authors and do not necessarily reflect the views of Morningstar, its affiliates, or employees.
Morningstar is not responsible for any errors, omissions, or delays in this content, nor for any actions taken in reliance thereon. Users are advised to exercise their own judgment and seek independent financial advice before making any decisions based on such content. The third-party providers of this content are not affiliated with Morningstar, and their inclusion on this site does not imply any form of partnership, agency, or endorsement.
Popular
4 Stocks to Buy Before They Rise Further
2 Undervalued Stocks to Buy Before They Rebound
The 10 Best Companies to Invest in Now
The 10 Best Dividend Stocks
United States