According to CoinMeta, six major Canadian banks are exploring a CAD tokenized deposit system aimed at accelerating the flow of funds between financial institutions and ultimately connecting with other digital asset programs. The participating banks include the Bank of Montreal, Imperial Bank of Canada, National Bank of Canada, Royal Bank of Canada, Scotia Bank, and TD Bank Group. The first phase of the project focuses on the efficient movement of tokenized deposits among the participating banks, and more banks may join in the future. The project is designed to provide Canadian customers with faster, more efficient, and programmable payments while maintaining financial stability and regulatory oversight.