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Coinness
September 22, 2026 5:46 pm
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Six major Canadian banks are considering jointly developing a Canadian dollar-denominated deposit token system to speed up interbank fund transfers, CoinDesk reported.
In the first phase of the project, the banks would test a method for transferring deposit tokens, a digital form of real deposits held at banks, among participating institutions. Over the longer term, the initiative aims to connect with other digital asset projects.
The participating banks are Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada, Royal Bank of Canada (RBC), Scotiabank and TD Bank Group.