Six Canadian Banks Explore Tokenized Deposits

Six of the largest banks in Canada have initiated a joint exploration to implement tokenized deposits backed by Canadian dollars. This group includes the Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, The Bank of Nova Scotia, and TD Bank Group, which together represent nearly 90% of the Canadian financial market. The proposal aims to offer faster and more efficient payments to Canadian customers while preserving operational stability and regulatory oversight in the sector. Tokenized deposits allow fiat money deposited in a bank to be represented by equivalent tokens, facilitating the immediate settlement of transactions. The first phase of the project will assess the transfer of these instruments among the participating entities, with plans to connect this structure to other digital asset initiatives in the future. In March 2026, a tokenized bond of 100 million Canadian dollars was issued as part of Project Samara, utilizing wholesale money from the Bank of Canada. This initiative aligns with global trials, such as those by JPMorgan Chase and other banks in the U.S., which seek to create a network for continuously mobilizing commercial funds.

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