Canada's Six Biggest Banks Team Up on a Shared Digital-Dollar Network
60-second summary
Canada’s six largest banks—RBC, TD, BMO, Scotiabank, CIBC and National Bank—are jointly exploring a tokenized Canadian‑dollar deposit network that will initially enable instant transfers among the institutions, laying groundwork for broader digital‑currency use. By creating a shared ledger, they aim to cut settlement times, lower costs, and position Canada’s banking sector competitively as digital‑money adoption accelerates.
RBC, TD, BMO, Scotiabank, CIBC and National Bank are jointly exploring a Canadian-dollar tokenized deposit system, starting with transfers between the banks themselves.