TREE NEWS update: RBC, TD, BMO, Scotiabank, CIBC and National Bank are jointly exploring a tokenized deposit system for the Canadian dollar, starting with transfers between the banks themselves. The six largest Canadian lenders are collaborating on the shared digital-dollar network. The initiative would use tokenized deposits rather than a retail central bank digital currency.
Canada’s Six Largest Banks Jointly Explore Tokenized Canadian-Dollar Deposit Network
AI take
The significance lies in the coordination itself: Canada's largest banks are pursuing a shared tokenized-deposit rail rather than waiting on a retail CBDC, which keeps commercial-bank money at the center of any on-chain settlement layer. This is an interbank plumbing story first, affecting institutional payments and clearing rather than retail users. The open question is whether this stays a bank-only utility or becomes the foundation others build on.
Generated by AI for reference only.
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