The Office of the Superintendent of Financial Institutions (OSFI) clarified that these tokenized assets are legally indistinguishable from traditional deposits. The participating banks have not yet named the token or the underlying blockchain, but they intend to complete phase one connectivity tests by Q4 2026 before potentially integrating with tokenized securities and broader digital asset networks.
Wednesday, October 21, 2026
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Canada's 6 Largest Banks Launch Joint Tokenized Deposit System
Crypto27 days ago
Bank of Montreal, Royal Bank of Canada, TD, Scotiabank, CIBC and National Bank are developing a shared network to transfer digital commercial deposits. The project aims to enable 24/7 blockchain-based interbank payments using programmable rails, while ensuring the funds remain liabilities of regulated banks rather than transitioning to stablecoins.
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