Canada’s 6 Largest Banks Are Building a Tokenized Dollar Interbank Ledger

Canada's 6 largest banks, including Bank of Montreal $BMO and TD Bank $TD, are exploring a tokenized Canadian dollar system for interbank payments. Regulators just declared tokenized funds aren't legally distinct from the traditional deposits they're built on. While outside issuers must hold 1:1 reserves under upcoming stablecoin laws, these legacy banks fall entirely outside that scope. When you control the regulatory perimeter, you don't compete with public blockchains—you just build a closed cartel ledger and call it innovation. The long-term roadmap eventually opens this programmable payment network to other deposit-taking institutions.