TORONTO — Canada’s big banks are exploring the development of Canadian dollar-based digital money, starting with a tokenized deposits initiative.
Tokenized deposits are traditional bank deposits recorded on a decentralized database or distributed ledger, such as a blockchain.
The tokens would be issued by commercial banks and from a legal perspective, depositors can treat them the same as traditional bank deposits.
Bank of Montreal, CIBC, National Bank, Royal Bank, Scotiabank and TD Bank are taking a collaborative approach to the project.
They say the first phase aims to move tokenized deposits between Canadian financial institutions.
The plan seeks to deliver faster, more efficient and programmable payments to Canadian customers while preserving safety, stability and effective regulatory oversight.
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This report by The Canadian Press was first published Sept. 22, 2026.
