Six Canadian Banks Outline First Phase of Tokenized Deposit Project
Canada’s six largest banks have begun testing a shared Canadian-dollar tokenized-deposit system for bank-to-bank payments. The first phase is framed as a pilot focused on moving deposits between institutions, with statements released on Sept. 22 and National Bank of Canada naming the participating banks.
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Banks that move Canadian-dollar deposits between institutions are the ones directly affected by this project, and the change is that they are now testing a shared tokenized-deposit system rather than only ordinary bank transfer rails. That means the first visible effect is at the bank-to-bank level, not in retail customer accounts.
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