Tokenized deposits bring Canada's six largest banks together on the same network

加拿大六大银行联合探索加元代币化存款网络

加拿大的六家大型银行正在共同探索建立一种基于加元的代币化存款网络。该项目的第一阶段仅涵盖参与银行之间的转账业务。加拿大金融服务监管局（OSFI）本月确认，代币化存款与普通存款具有同等的法律地位。与此同时，美国和欧洲的银行也在构建类似的共享网络。

9月22日，加拿大皇家银行（RBC）、道明银行集团（TD Bank Group）、蒙特利尔银行（BMO）、丰业银行（Scotiabank）、加拿大帝国商业银行（CIBC）以及加拿大国家银行宣布，他们将共同探索加元数字货币，首先启动的是一个全天候运行的代币化存款网络，以实现这六家贷款机构之间的价值转移。该项目将整个加拿大银行业巨头纳入单一的链上结算模型，使数字加元保留在受监管的资产负债表内，而与此同时，私人稳定币的市场规模已增长至超过3150亿美元。

第一阶段范围有限：聚焦同业结算与监管合规

第一阶段的目标较为狭窄，代币仅在参与银行之间流转，旨在实现更快的后端结算。可编程的客户支付功能以及与外部数字资产生态系统的链接将在后续阶段推出，随着工作的成熟，预计其他存款类机构也将加入。

9月10日，加拿大金融服务监管局（OSFI）的一项裁决明确将银行发行的代币归类为存款规则范畴。在该公告发布前十二天，金融监管机构确认，代币化存款在传统法律意义上与传统存款产品相同。在分布式账本上记录存款并不改变其性质，因此受联邦监管的银行可以在满足现有资本和安全标准的前提下发行链上存款。这一裁定解决了每家银行董事会首先需要明确的法律问题。

此前，于2026年3月获得御准的《加拿大稳定币法案》已经确立了数字加元产品的法定边界，稳定币现已拥有独立的监管规则。这意味着银行可以将存款上链，同时无需脱离当前审慎监管体系。

银行发行代币如何防止存款流向稳定币发行方

代币化存款本质上是普通存款以代币形式记录在共享账本上，由现金一对一支持，并仍作为发行银行的负债存在。代币持有者对RBC或CIBC的索偿权与任何支票账户客户相同。相比之下，稳定币持有者的索偿权指向私人发行方及其储备金，且在转换瞬间资金便脱离了银行系统。

每一笔流入第三方稳定币的资金，都是银行不再持有的融资。通过自行发行代币，这六大银行保留了存款及其背后的放贷能力，同时客户仍能获得吸引他们转向稳定币的交易速度。

Characteristics Tokenized Deposits Private stablecoin Holder Debtor Issuing Bank Private Issuer Supporting Assets 1:1 cash, recorded as bank deposit Issuer's reserve assets Applicable Regulations Existing OSFI Capital and Security Standards stablecoin act (March 2026) Place of deposit of funds Bank balance sheet Outside the banking system

Shared ledgers solve timeliness issues

Shared ledgers solve time matching issues. Interbank payments in Canada are settled on a weekday basis, so transfers sent late Friday may not be completed until Monday. On the common network, tokens can be moved directly between participants at any time, and programmability allows conditions such as delivery confirmation to be written into the payment itself.

Real-time rail delays prompt six competitors to share the same ledger

Payment experts see the network as a fast lane for the private sector that could be parallel to Payments Canada's modernization plan, Real-Time Rail (RTR). Given that the RTR project is significantly behind schedule, if banks are already able to exchange tokenized deposits 24/7, some of the instant settlement needs that RTR is designed to meet could be addressed earlier.

单家银行系统也已触及天花板。摩根大通（JPMorgan）的JPM Coin和花旗集团的平台表明，一家银行可以对其自有存款进行代币化，但局限于单一机构的代币对两家银行间的支付作用有限。纽约梅隆银行（BNY）的高管将这些系统描述为“孤岛”，并将互操作性称为下一个前沿领域。随着所有六家主要贷款机构的加入，加拿大网络从第一天起就覆盖了国内大部分存款。

分析师认为此举旨在强化国内金融基础设施

据CoinDesk引用的分析师观点，此次倡议与渥太华推动加强国内金融基础设施的努力有关，尤其是在贸易关系转变以及华盛顿对加密货币态度趋于友好的背景下。

前期测试奠定基础

银行的建设基于最近的测试成果。今年3月，加拿大央行、RBC和道明银行完成了“萨马拉项目”（Project Samara），利用批发型央行数字货币在链上交易和结算了价值1亿加元的债券。5月，Shopify和国家银行支持了一种全天候运行的受监管数字加元。

加拿大银行代币发展路线图（2026年）

• 3月：萨马拉项目在链上结算1亿加元债券（加拿大央行、RBC、TD）
• 3月：稳定币法案获得御准（加拿大议会）
• 5月：Regulated 24/7 digital Canadian dollar gets bank backing (Shopify, National Bank)
• September 10:OSFI confirms tokenized deposits are legally equivalent to deposits (Federal banking regulator)
• September 22: Six Major Banks Announce Interbank Tokenized Deposit Network (RBC, TD, BMO, Scotiabank, CIBC, National Bank)

Wall Street aims at 2027, and Europe takes the lead

by JPMorgan Chase, Bank of America, The Clearing House, co-owned by Citigroup and Wells Fargo, plans to launch a joint multi-bank tokenized deposit network in the first half of 2027. Its design is similar to Canada's: Competitors integrate infrastructure to ensure digital dollar liquidity remains within regulated banks.

Europe is advancing from the central bank side. On September 21, the European Central Bank (ECB) launched the Pontes platform, allowing banks including Deutsche Bank and Bank Santander to settle in central bank euros on the blockchain, eliminating the need for stablecoins as settlement assets. In July, Swift moved its blockchain-based shared ledger into real-time transaction preparation, and 17 banks from six continents are testing 24/7 cross-border tokenized deposit transfers. The Agorá project, led by the Bank for International Settlements (BIS), is testing a unified ledger involving seven central banks and more than 40 institutions; the UK's Regulated Liability Network has also piloted tokenized sterling deposits for purposes such as market fraud prevention.

Current status of the tokenized currency race

地区 状态 项目名称 描述 参与方 加拿大 探索中 六大银行网络 24/7银行间结算，后续支持可编程支付 RBC, TD, BMO, Scotiabank, CIBC, National Bank 美国 计划中 (2027上半年) The Clearing House网络 多银行代币化存款以对抗私人稳定币 JPMorgan Chase, Bank of America, Citi, Wells Fargo 欧元区 已上线 Pontes 央行欧元链上结算 ECB, Deutsche Bank, Santander 全球 试点 Swift共享账本 代币化存款的24/7跨境转账 17家银行，包括HSBC, UBS, BNY, Citi, BNP Paribas 全球 试点 Agorá项目 批发跨境支付的统一账本 BIS, 7家央行, 40+家机构 英国 试点 受监管责任网络 Tokenized sterling deposits for consumer use cases UK Finance and Member Banks

Source: ECB, Swift, BIS, UK Finance, The Clearing House, Banking Announcement

stablecoin issuers first lost the "speed advantage" argument

For Canadian customers who can hold programmable bank tokens with full deposit status, there are fewer reasons to buy a standalone product. Private Canadian dollar stablecoin issuers may need to compete for coverage on public blockchains and exchanges, areas that banking networks have not yet explored.

Since the first stage is limited to interbank operations, consumers 'perception is not obvious at the beginning. Early gains are reflected at the bank's operational level: faster settlements reduce the liquidity squeeze for pending payments and fill the weekend gap. To shareholders, the project appears to be a defensive move. It protects the deposit base behind lending profits, and a separate income line is unlikely to emerge in the short term.

Access terms for credit unions will determine the scope of network expansion

这六家银行表示，预计将接纳其他存款类机构，而准入条款将决定信用合作社和较小的贷款机构是否能以平等地位获得全天候结算服务，还是继续依赖现有机构路由支付。时机同样重要。随着The Clearing House瞄准2027年，率先投入生产的加拿大网络有可能定位在与美元代币化存款连接，这符合银行公开声明的与外部数字资产生态系统连接的计划。