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Key Takeaways:
- Six major Canadian banks are collaborating on Canadian dollar tokenized deposits to enable centralized, programmable, and fast digital payments.
- The first stage will involve the transfer of tokenized deposits among financial institutions in Canada.
- As Canada develops its crypto framework, the project can be scaled up later to connect bank-based digital money with other digital asset projects.
Canada’s financial industry is making an even bigger leap into blockchain money. Six of the nation’s largest banks are collaborating on a tokenized deposit program aimed at bringing modernization to the movement of Canadian-dollar deposits through the financial system.
Six Banks Join the Tokenized Deposit Project
The initiative includes Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank Group. The banks indicated that the project will be used to help the development of digital money, with a focus on remaining secure and stable, as well as being regulated.
The project is different from creating a new cryptocurrency; it is about tokenizing deposits in regulated banks. At present, the first phase is likely to discuss transferring these digital deposits seamlessly between the participating financial institutions.
The banks also announced they believe other deposit-taking institutions may be interested in that eventually as well.
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Tokenized Deposits vs. Stablecoins
From a crypto market point of view, tokenized deposits and stablecoins can resemble their counterpart financial products, but they are not identical assets.
OSFI clarified on Sept. 10 that tokenized deposits are not legally distinct from traditional deposits simply because blockchain or other technology is used. A technology neutral approach is taken by the regulator, in that they do not judge the legal characteristics of the financial product depending on the underlying technology.
That matters because banks are increasingly branching out into the digital asset space. A tokenized deposit can be linked to the underlying bank deposit, whereas a fiat-backed stablecoin is a new digital currency that is issued under its respective regulatory system.
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Canada Expands Its Digital Asset Rules
The banking system initiative comes at a time when Canada is developing a wider plan for the digital money infrastructure. The Stablecoin Act was part of Bill C-15 that was proclaimed in March 2026, establishing a federal framework for issuing cryptocurrencies monetized by a stable tie to fiat currency.
According to the architecture, anyone assembling non-financial institution stablecoins will have to register with the Bank of Canada, maintain reserves at the Bank’s cost, and redeem stablecoins at par. The framework is being drafted and will be implemented by 2027.
The six-bank project thus brings another layer to Canada’s digital payment ecosystem, as banks try to understand how tokenized deposits can be regulated, and the regulator and other policy makers continue to develop rules for stablecoins and other digital payment technologies.
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