Six of Canada’s largest banks—Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, The Bank of Nova Scotia, and TD Bank Group—are studying a system of tokenized deposits in Canadian dollars as part of Project Samara.
The goal of the initiative is to modernize the country's payment infrastructure and maintain its competitiveness and security. In the first phase of the project, participants want to simplify and speed up the transfer of tokenized deposits between financial institutions.