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Key Takeaways
- Six banks are exploring tokenized CAD deposits.
- No commercial payment network exists yet.
- Tokenized deposits remain liabilities of banks.
- Interbank settlement is the central challenge.
- Other Canadian institutions could join later.
The first phase focuses on transfers between banks
BMO, CIBC, National Bank of Canada, RBC, Scotiabank and TD are jointly exploring Canadian-dollar digital money solutions, beginning with tokenized deposits.
According to the official announcement, the first phase aims to move tokenized deposits between Canadian financial institutions. The longer-term goal is to connect the system with other digital-asset initiatives, and additional deposit-taking institutions could be invited to participate.
The banks have not launched a commercial product. They have also not disclosed which technology would operate it, whether ea...
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