Shencho TechFlow message: On September 23, according to CoinDesk, Canada’s six largest banks—Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Scotiabank, and Toronto-Dominion Bank—announced the formation of a joint venture to jointly explore a shared CAD tokenized deposit system. The project’s primary goal is to optimize the speed of capital flows between financial institutions, and it plans, as a long-term objective, to connect with other digital-asset projects.

According to the announcement, the first phase of this collaboration will focus on the efficient transfer of tokenized deposits among participating banks. These tokenized deposits are not stablecoins issued by crypto companies, but rather digital representations of existing bank deposits and assets. The project team said that, through this shared system, customers will be able to enjoy around-the-clock, programmable, fast payment services, while ensuring that the funds remain within the regulated banking system to maintain financial stability.