Note: Discovered via Finextra RSS (blocked by Cloudflare). Content captured from TD Bank Group press release (Sep 22, 2026).
TORONTO, Sept. 22, 2026 /CNW/ — Six Canadian banks are jointly exploring the development of Canadian dollar based digital money solutions, starting with a tokenized deposits initiative. This collaborative effort reflects a shared view that as digital money evolves globally, Canada’s payments infrastructure must continue to be competitive and secure.
This project is exploring tokenized deposit solutions to drive responsible innovation and facilitate broad participation in the digital money ecosystem for the benefit of all Canadians. It seeks to deliver faster, more efficient and programmable payments to Canadian customers while preserving safety, stability, and effective regulatory oversight. The first phase of the project aims to move tokenized deposits efficiently across Canadian financial institutions with a longer-term goal to connect with other emerging digital assets initiatives.
The participants are Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada (NBC), Royal Bank of Canada (RBC), The Bank of Nova Scotia (Scotiabank), and TD Bank Group (TD). The participants anticipate the inclusion of other deposit-taking institutions at the appropriate time.
Context
According to The Globe and Mail, the announcement follows Canada’s Stablecoin Act receiving royal assent in March 2026. Canada’s Office of the Superintendent of Financial Institutions (OSFI) has stated that tokenized deposits are not legally distinct from traditional deposits. The project parallels U.S. banks’ efforts to launch tokenized deposit networks, including JPMorgan’s JPM Coin for institutional clients.
Tokenized deposits are digital representations of conventional bank deposits recorded on blockchain or distributed ledger technology, enabling near-instant interbank settlement while keeping funds within the regulated banking system. The six-bank project does not yet commit the lenders to issuing a tokenized deposit product.