Canada’s ‘Big Six’ banks to launch interbank tokenized deposit initiative
Initial testing will focus on moving digital commercial deposits across participating institutions before linking to broader digital asset ecosystems.
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Summary
- Canada’s six largest banks are exploring a shared Canadian-dollar tokenized deposit system to move money faster among financial institutions.
- The project’s first phase will test transfers of digital representations of bank deposits, with a longer-term goal of connecting to other digital asset initiatives.
- The banks say the system could support faster, programmable, around-the-clock payments while keeping customer funds within the regulated banking system.
