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Big Banks Launch Collaborative Effort to Move Tokenized Deposits Between Institutions
The project could enable 24/7 programmable payments and keep customer funds inside the regulated banking system, the banks said.
- On Tuesday, Canada's six largest banks—Royal Bank of Canada, Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, and National Bank of Canada—launched a collaborative project exploring Canadian dollar-based tokenized deposits.
- The collaborative effort seeks to deliver faster, programmable payments while preserving safety and effective regulatory oversight, ensuring Canada's payments infrastructure remains secure and competitive as digital money evolves globally.
- OSFI stated earlier this month that tokenized deposits are permissible under existing banking legislation, noting these digital assets are "not legally distinct from traditional deposits."
- The Canadian project follows plans announced earlier this year for a consortium of major U.S. banks to connect tokenized deposits, aiming to counter growing competition from stablecoins.
- Prime Minister Mark Carney is pushing to strengthen Canada's domestic economy and reduce reliance on U.S. markets amid heightened trade tensions, positioning this initiative within broader economic strategy.
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Britain's largest banks have completed the world's first interbank transactions using tokenized deposits, a major milestone in the development of a blockchain-based version of commercial bank money. The solution is being touted by its proponents as a safer alternative to stablecoins, Reuters reported. Similar topics will be discussed at Portfolio's Banking Technology event on November 10. Register and get details here!
·Budapest, Hungary
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UK banks make interbank deals with tokenised deposits
Britain's biggest banks have completed the world's first transactions using tokenised deposits to move money between themselves, a boost for a blockchain-based version of commercial bank money that proponents say offers a safer alternative to stablecoins.
·Ireland
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Coverage Details
Total News Sources45
Leaning Left5Leaning Right1Center8Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 36%
C 57%
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