Six Canadian banks are testing a shared digital Canadian dollar
RBC, TD, BMO, Scotiabank, CIBC, and National Bank are exploring tokenized deposits so they can move money between themselves. Decrypt reports it as a private network, not a central-bank digital currency.
Hristo Stefanov · Wildwood, New Jersey · 2026-09-23 · 1 min · Crypto
Who is in it
Decrypt reported on September 23 that Canada’s six largest banks are working on a shared network for tokenized Canadian-dollar deposits. The banks named are RBC, TD, BMO, Scotiabank, CIBC, and National Bank. The first use, in that account, is transfers between the banks themselves, not a wallet for the public.
A tokenized deposit is a bank deposit represented on a shared ledger. It is still the bank’s liability. Decrypt describes the project as a private network. It is not, in that report, the Bank of Canada issuing a digital loonie.
Why the distinction matters
A bank token and a central-bank coin get lumped together in headlines. They are not the same claim on money. Nothing in the report says a customer can move a paycheck onto the network this week, and nothing here is a recommendation to buy a token.
References
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