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Tokenized deposits· Bank & market adoption

Canada's six largest banks jointly explore a Canadian-dollar tokenized deposit solution

BMO, CIBC, National Bank of Canada, RBC, Scotiabank and TD said on 22 September 2026 that they are jointly exploring Canadian-dollar digital money solutions, starting with tokenized deposits.

Cover: generative artwork from topic and jurisdiction. Not a depiction of any institution or product.Primary source: National Bank of Canada (joint release with BMO, CIBC, RBC, Scotiabank and TD) (nbc.ca)
cryptobanking.news Editorial · AI-assisted, source-verifiedT2Bank / FMICanada

Key takeawaysFact

  1. 1BMO, CIBC, National Bank of Canada, RBC, Scotiabank and TD said on 22 September 2026 that they are jointly exploring Canadian-dollar digital money solutions, starting with tokenized deposits.
  2. 2The first phase aims to move tokenized deposits across Canadian financial institutions; the longer-term goal is to connect with other digital asset initiatives, and the banks expect other deposit-taking institutions to join later.
  3. 3The release gives no platform, launch date or customer scope.
  • Tokenized deposits

Executive summaryFact

BMO, CIBC, National Bank of Canada, RBC, Scotiabank and TD said on 22 September 2026 that they are jointly exploring Canadian-dollar digital money solutions, starting with tokenized deposits. The first phase aims to move tokenized deposits across Canadian financial institutions; the longer-term goal is to connect with other digital asset initiatives, and the banks expect other deposit-taking institutions to join later. The release gives no platform, launch date or customer scope.

Primary source: National Bank of Canada (joint release with BMO, CIBC, RBC, Scotiabank and TD) ↗

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.

— National Bank of Canada (joint release with BMO, CIBC, RBC, Scotiabank and TD), verbatimString-matched against the live page 2026-10-24

Key factsFact

Event
Product announcement
Jurisdiction
Canada
Source
National Bank of Canada (joint release with BMO, CIBC, RBC, Scotiabank and TD)
Source tier
Tier 2 · Bank / FMI
Product
Tokenized deposits

Who is affectedFact

BMO, CIBC, National Bank of Canada, RBC, Scotiabank, TD and, later, other Canadian deposit-taking institutions.

Key datesFact

  • Joint initiative announced

More from the sourceFact

“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).”

Participants

“The participants anticipate the inclusion of other deposit-taking institutions at the appropriate time.”

Open to further banks
Verbatim from National Bank of Canada (joint release with BMO, CIBC, RBC, Scotiabank and TD)✓ string-matched against the live page 2026-10-24

Why it matters for banksAnalysis

All six of Canada's largest banks are working on one shared CAD tokenized-deposit model, which sets the reference design other Canadian deposit-takers would join.

Editorial analysis based on the facts above and the sources below; not legal or investment advice.

What remains uncertain

  • No technology platform, timeline or launch date is stated; the banks describe the work as exploratory.

Sources and evidence

Evidence types: how we classify sources.

Evidence

Confidence
Medium The institution’s own statement; quote string-matched. Proves what the institution says, not independent confirmation.
Quote verified
2026-10-24 19:42 UTC
Archived snapshot
Not archived yet
Change log (1)
  1. 2026-10-24 Canada jurisdiction (16th page): 4 verified items — Finance Canada proposed Stablecoin Regulations (Canada Gazette I, 24 Oct 2026; in force targeted fall 2027, (20cf204)

Full evidence record · How we label confidence

AIAI-assisted: summary and analysis were drafted with AI from the primary source and are the editor’s responsibility. AI-drafted from the primary source (joint bank release); quote string-matched by scripts/verify.mjs. Methodology · Corrections · Report an error

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