Six of Canada's largest banks team up on tokenized deposit platform
- —Six major Canadian banks are jointly developing a tokenized deposit platform in CAD
- —The system aims for instant, 24/7 settlement with programmable payment triggers
- —No launch date has been announced; other deposit-taking institutions may join later
- —In the US, JPMorgan, Citi, BofA and Wells Fargo are building a similar network for 2027
Why it matters: Major banks are accelerating deposit tokenization to compete with stablecoins and keep settlement inside the banking system.
Source: BitNovosti