The six largest banks decide to come together to research a digital Canadian dollar.
Royal Bank of Canada, TD, Montreal Bank, Scotiabank, CIBC, and National Bank are jointly exploring a tokenized deposit system denominated in Canadian dollars for inter-institution transfers and settlement. The project is still in the exploration stage; the first phase will begin with transfers between participating institutions.
Choosing to collaborate rather than develop separately is a cost issue. The value of a clearing network depends on the number of participants. If the six banks each build their own system, none of them can generate network effects. By doing it together, at least the first phase can work across institutions. For customers, there will be no short-term change in the experience—changes happen in the back end.
This is tokenized deposits, not a central bank digital currency. It is made up of commercial bank liabilities and does not change the issuer of the currency. As a result, it is more like an upgrade to existing interbank clearing, with legal and accounting treatment that can follow existing frameworks.
For permissioned chains, projects like this typically do not directly deploy on public networks. But it shows that the form recognized by institutions is a shared ledger, rather than a token. This line draws a boundary between institutional tokenization and the retail narrative. To see how projects like this progress further, look at the picture at the end for the group QR code.
Banks don’t oppose new technology—they just want to hold the ledger themselves.
#银行 #Tokenized deposits
Royal Bank of Canada, TD, Montreal Bank, Scotiabank, CIBC, and National Bank are jointly exploring a tokenized deposit system denominated in Canadian dollars for inter-institution transfers and settlement. The project is still in the exploration stage; the first phase will begin with transfers between participating institutions.
Choosing to collaborate rather than develop separately is a cost issue. The value of a clearing network depends on the number of participants. If the six banks each build their own system, none of them can generate network effects. By doing it together, at least the first phase can work across institutions. For customers, there will be no short-term change in the experience—changes happen in the back end.
This is tokenized deposits, not a central bank digital currency. It is made up of commercial bank liabilities and does not change the issuer of the currency. As a result, it is more like an upgrade to existing interbank clearing, with legal and accounting treatment that can follow existing frameworks.
For permissioned chains, projects like this typically do not directly deploy on public networks. But it shows that the form recognized by institutions is a shared ledger, rather than a token. This line draws a boundary between institutional tokenization and the retail narrative. To see how projects like this progress further, look at the picture at the end for the group QR code.
Banks don’t oppose new technology—they just want to hold the ledger themselves.
#银行 #Tokenized deposits
