Canada’s six major banks—BMO, CIBC, National Bank of Canada, RBC, Scotiabank, and TD Bank—are jointly exploring a tokenized Canadian dollar deposit system. The project’s first phase will test tokenized commercial deposit transfers between participating banks. The long-term goal is to connect with other digital-asset infrastructure and potentially open the system to more banks. The system is designed to support faster, programmable, and 24/7 payments, while keeping customers’ funds within the regulated banking system. Tokenized deposits are essentially digital representations of banks’ existing deposits, unlike stablecoins issued by crypto companies. (CoinDesk)