Canadian Banks Advance Tokenized Deposit Initiatives Across Multiple Networks

Six major Canadian banks announced on September 22, 2026, that they are jointly exploring Canadian dollar tokenized deposits, starting with payments between their own institutions, according to a statement from National Bank of Canada. The participating institutions are BMO, CIBC, National Bank, RBC, Scotiabank and TD. The announcement followed a September 10, 2026, statement by the Office of the Superintendent of Financial Institutions (OSFI) clarifying that tokenized deposits are not legally distinct from traditional deposits under Canada's technology-neutral regulatory framework. A tokenized deposit remains a deposit on a bank's balance sheet, subject to existing oversight.