Canada's Largest Banks Look to Develop Tokenized Deposits

11:37 AM EDT, 09/22/2026 (MT Newswires) -- Canada's "Big-Six" banks are cooperating to develop a Canadian-dollar based digital-money solution, starting with tokenized deposits, the institutions said on Tuesday. The first phase of the project will look at moving tokenized deposits efficiently across Canadian financial institutions, a statement added. It is expected that other deposit-taking institutions will be included in this project down the road. "This project is exploring tokenized deposit solutions to drive responsible innovation and facilitate broad participation in the digital money ecosystem for the benefit of all Canadians. It seeks to deliver faster, more efficient and programmable payments to Canadian customers while preserving safety, stability, and effective regulatory oversight," the group said in a release. They did not define tokenized deposits in their release, The participants are Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada (NBC), Royal Bank of Canada (RBC), The Bank of Nova Scotia (Scotiabank), and TD Bank Group (TD). Price: 243.87, Change: -4.97, Percent Change: -2.00