Canadian banks launch tokenised deposit network

• Six Canadian banking leaders launched a joint initiative to build a Canadian dollar tokenised deposit platform.
• The consortium includes Toronto-Dominion Bank (NYSE:TD), Royal Bank of Canada (NYSE:RY), Bank of Montreal (NYSE:BMO), Canadian Imperial Bank of Commerce (NYSE:CM), The Bank of Nova Scotia (NYSE:BNS), and National Bank of Canada (TSX:NA).
• The joint project targets faster domestic payments and future connectivity with broader global digital asset infrastructure.

Toronto-Dominion Bank (NYSE:TD) and five major peer institutions have launched a collaborative project to develop tokenised Canadian dollar deposits.

The banking alliance aims to modernise domestic payment rails by moving digital deposit tokens across participating regulated financial institutions.

The project seeks to deliver faster, more efficient, and programmable payments to Canadian customers while preserving regulatory oversight.

Initial rollout phases concentrate on domestic transfers, with long-term plans targeting interoperability across emerging digital asset ecosystems.

Participating lenders anticipate expanding the network to include additional regulated deposit-taking institutions as testing advances.

Royal Bank of Canada (NYSE:RY) and partner firms positioned the effort to preserve Canada's financial competitiveness as digital currencies evolve globally.

The shared network establishes regulated interbank tokenisation designed to operate directly within existing legal and supervisory framework standards.

Following the launch, Toronto-Dominion Bank shares were unchanged at $122.65.