# Canada’s Six Largest Banks Explore Shared CAD Token Network

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/23420
Published: 2026-09-23T17:06:07.000Z
Updated: 2026-09-23T17:06:07.000Z

Canada’s six largest banks are jointly exploring a Canadian-dollar tokenized-deposit network that could create a shared settlement rail for Canadian financial institutions.

Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank Group announced the project Sept. 22. The initial phase would allow the banks to transfer tokenized deposits between Canadian financial institutions.

The instruments represent claims on deposits held at commercial banks. The banks said the initiative is intended to support faster, more efficient and programmable payments while maintaining existing safeguards and regulatory oversight.

The group may include other deposit-taking institutions later, but it has not provided a timetable, launch date, technical design, blockchain network, transaction limits or projected cost savings. The announcement also does not establish support for retail wallets or cross-border transfers.

The Office of the Superintendent of Financial Institutions said Sept. 10 that tokenized deposits are not legally distinct from traditional deposits. Banks must comply with applicable laws and supervisory guidance before introducing related products.

The project concerns bank-issued money and is separate from Bank of Canada research into a potential central bank digital dollar. In a 2023 online consultation, 85% of respondents said they would not use a hypothetical digital Canadian dollar.