According to CoinMeta, six major Canadian banks (BMO, CIBC, the National Bank of Canada, Royal Bank of Canada, Scotia Bank, and TD Bank Group) are jointly exploring the creation of a tokenized Canadian dollar deposit system, with the aim of achieving faster and more programmable payment processes between financial institutions. The Office of Financial Institutions in Canada (OSFI) issued a statement stating that tokenized deposits are not legally different from conventional deposits. Tokenized deposits represent funds within regulated banks and are considered bank liabilities, which is different from legal tender stablecoins supported by third-party issuers.