Canada’s six largest banks are exploring a system for tokenized Canadian dollar deposits aimed at interbank payments, according to CoinDesk and Cointelegraph.

• The initiative comes weeks after regulators clarified how tokenized deposits should be treated, according to Cointelegraph.
• The banks said the first phase of the project focuses on moving tokenized deposits efficiently across financial institutions, according to The Block.
• The Defiant reports the exploratory project would initially move deposits among the participating banks themselves, rather than to outside parties.
• The Defiant also notes a U.S. counterpart effort has already named its operator and the payment rails it will use, suggesting the Canadian project is following a path set elsewhere.

No specific launch date, transaction volumes, or individual bank names were disclosed in the reporting. The project remains in an exploratory phase, with the banks outlining scope rather than a live system.

Sources: CoinDesk, Cointelegraph, The Block, The Defiant

This article is for information only and is not financial advice.