Scotiabank, five Canadian peers explore tokenized Canadian-dollar deposit solution

Scotiabank joined five Canadian peers to explore a secure Canadian-dollar tokenized deposit solution.

• The group aims to develop faster, more efficient, programmable payments while maintaining security, stability and regulatory oversight.
• The initial phase targets efficient transfers of tokenized deposits between Canadian financial institutions.
• The longer-term plan seeks links with other emerging digital-asset initiatives.
• Participants include RBC, TD, BMO, CIBC and National Bank of Canada.