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Following加拿大六大银行启动代币化加元存款共享概念，探索机构间数字资产转移新路径
加拿大六家大型银行已着手开发一种共享概念，旨在实现金融机构之间代币化加元（CAD）存款的流转。该计划于周二宣布，其核心在于将银行存款表现为数字代币，同时保持存款的法律地位与发行银行紧密挂钩。
蒙特利尔银行、加拿大帝国商业银行（CIBC）、加拿大国家银行、加拿大皇家银行、丰业银行和道明银行集团表示，该项目的第一阶段将专注于在加拿大各金融机构之间转移代币化存款。这些银行还暗示，未来可能与更广泛的数字资产生态系统实现互操作性。
核心要点
- 联合探索： 加拿大六大银行正在共同探索代币化加元存款，作为在机构间移动存款数字表示形式的一种方式。
- 初期范围： 计划的早期重点是国内银行间结算；后续步骤可能将该方法连接到更广泛的数字资产系统。
- 监管支持： 加拿大金融机构监督办公室（OSFI）最近澄清，代币化存款与传统存款“在法律上并无区别”，这从监管角度为该努力提供了支持。
- 本质区别：代币化存款不同于法币支持的稳定币，因为存款仍然是受监管银行的负债，而非由第三方发行的独立数字资产。
- 框架并行： 加拿大的稳定币框架正在单独推进，旨在规范由非金融机构发行的法币支持稳定币，而非银行。
在不改变法律性质的前提下，联合推动存款代币化
在公告中，参与银行将代币化存款定位为现代化支付机制。核心理念是使用数字代币来代表存款，使其能够更快地流动——据银行称——并支持“可编程”支付功能。
投资者和从业者需要关注的是，此处描述的代币化概念并非旨在将存款转换为脱离银行监管的新类别资产。银行的方案明确基于现有的存款结构：代币化产品仍然对应存放在受监管银行中的资金，并保持为该银行的负债。
这一区别至关重要，因为它决定了风险和监管的应用方式。根据OSFI此前的指导原则，用于交付金融产品的底层技术并不决定其法律特征。
监管背景：OSFI本月早些时候的澄清
Less than two weeks before the banks 'joint announcement, Canada's banking regulator provided further clear guidance on tokenized deposits. On September 10, the Office of the Superintendent of Financial Institutions (OSFI) stated that tokenized deposits were "not legally different from traditional deposits." OSFI also emphasized that legitimacy is determined by the nature of the product, not whether it is implemented on-chain or other technical layers.
This temporal fit is no coincidence. By being consistent with OSFI's interpretation, banks are actually operating on a clearer regulatory track-a track that, from a legal perspective, treats tokenized deposits as functionally equivalent to traditional deposits.
Despite this, the bank did not outline the end-to-end architecture in the material cited in the announcement. Readers should expect more details to be released as the first phase develops, especially on how custody, settlement finality, operational control, and interoperability works in practice.
Tokenized deposits and stablecoins: Canada regulates the two differently
The new deposit token initiative exists in parallel with Canada's broader digital currency regulatory push, but the policy framework is not interchangeable.
The Canadian stablecoin Act was enacted in March this year as part of Bill C-15. The legislation establishes a federal framework for fiat-backed stablecoins, requiring non-financial institutional issuers to register with banks of Canada, hold at least a 1:1 high-quality liquid asset reserve, and allow redemption at face value. The framework is expected to take effect in 2027.
然而，该法案的范围比代币化存款项目更窄。稳定币框架涵盖由非金融机构发行的法币支持稳定币；已经受到审慎监管的银行和信用合作社不在其范围内。该立法还限制框架内的发行人不得将稳定币呈现为存款或纳入公共存款保险系统承保范围。
这种分离解释了为什么代币化存款正在以存款式的法律待遇由银行探索，而稳定币政策则针对不同类型的发行人。尽管这两种方法都涉及类代币工具，但监管意图截然不同：代币化存款旨在保留传统的银行负债结构，而稳定币规则则侧重于非银行发行人如何支持和赎回与法币挂钩的代币。
下一阶段对支付意味着什么
银行表示，其第一阶段将专注于在加拿大金融机构之间转移代币化存款。如果成功，这将通过启用与存款余额相关的更直接数字转账，减少跨机构支付流程中的某些摩擦点。
银行还表示，长期计划可能包括向其他吸收存款的机构开放该系统，并可能与其它数字资产系统连接。这就向市场提出了一个重要问题：代币化存款是主要作为受监管银行范围内的银行间结算工具，还是将演变为与许可网络及潜在的更广泛链上支付轨道的更广泛互操作性。
Currently, the initiative is clearly defined as a development exercise. Key technical and operational details have not yet been publicly clarified, and market participants will be closely watching in the coming months how participating banks define project scope in practice-particularly how they handle settlement finality, compliance controls, and whether pilot results will affect broader adoption in Canada's financial industry-especially in the context of recent OSFI regulatory clarifications.
