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Canada's six biggest banks explore shared digital-dollar tokenized deposits
The project would begin with Canadian-dollar tokenized deposit transfers between the banks before expanding further.
Canada's six largest banks are working together on a shared Canadian-dollar tokenized deposit network, with the goal of enabling faster transfers using blockchain-based infrastructure, according to Decrypt.
The initial phase focuses on moving tokenized deposits between the banks themselves, involving RBC, TD, BMO, Scotiabank, CIBC, and National Bank.
The effort is described as an exploration rather than a launched product, centered on building a shared digital-dollar system tailored to Canadian-dollar transactions among participating institutions.