Canada’s six largest banks are jointly exploring an initiative to use tokenized Canadian dollar deposits to enable interbank payments and settlement. According to multiple reports, the effort focuses first on testing how participating banks can move digital commercial deposits among themselves.
The move comes shortly after Canada’s banking regulator clarified that tokenized deposits are permissible under existing legislation. Outlets describe the initiative as an interbank network at an early stage, with the initial phase centered on transfers between member institutions before any potential connection to wider digital asset ecosystems.
While the coverage broadly aligns on the purpose, scope, and timing, the outlets emphasize different aspects: CoinDesk highlights the phased plan—starting with interbank deposit movement and later linking to broader ecosystems—while Cointelegraph and the Financial Post foreground the regulatory clarification that underpins the banks’ ability to proceed.
