Bank of Montreal, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Toronto-Dominion Bank are jointly exploring transfers of tokenized Canadian-dollar deposits between regulated financial institutions. The deposits would remain commercial-bank liabilities while distributed-ledger technology provides a programmable, potentially always-on settlement mechanism. The initiative follows OSFI guidance issued September 10 that tokenized deposits are not legally different from conventional deposits because of their underlying technology, although technology, cyber and third-party risks remain subject to regulation. It builds on Project Samara, which tested a C$100 million tokenized bond involving the Bank of Canada, TD, RBC and Export Development Canada. Similar efforts include the BIS's Project Agorá, a U.S. bank-led network operated by The Clearing House, and a SWIFT ledger pilot involving 17 banks across six continents. The Canadian banks are exploring the model rather than launching a commercial service. Citi Institute estimates tokenized assets could reach $5.5 trillion by 2030, while Binance Research valued on-chain real-world assets at about $34.18 billion as of September 15.