Tokenized bank deposits · Canadian Schedule I
Tokenized deposits issued by Canadian Schedule I banks against CDIC-eligible underlying deposits, redeemable 1:1 to bank CAD. The cash leg of the institutional rail — settles atomically against any tokenized asset on 4ormEx, with T+0 finality. Subject to OSFI Group 2 capital treatment under the October 2025 framework.
Tokenized deposit supply · C$ by bank, last 24 months
Bank corridor · all 7 Big-7 status Network →
| Bank | Ticker | Underlying | In circulation | 24h vol | Status |
|---|---|---|---|---|---|
| RBC Royal BankRoyal Bank of Canada | tRBCD | CDIC-eligible deposit | C$ 54.0M | C$ 18.4M | Live |
| TD Bank GroupToronto-Dominion | tTDD | CDIC-eligible deposit | C$ 41.2M | C$ 14.2M | Live |
| BMO Financial GroupBank of Montreal | tBMOD | CDIC-eligible deposit | C$ 18.6M | C$ 0.0M | Pilot |
| CIBCCanadian Imperial | tCIBD | — | — | — | Onboarding |
| ScotiabankBank of Nova Scotia | tBNSD | — | — | — | Q3 2026 |
| National BankNational Bank of Canada | tNAD | — | — | — | Q3 2026 |
| Desjardins GroupMouvement Desjardins | tDSJD | — | — | — | Q4 2026 |
What is a tokenized bank deposit?
A tokenized bank deposit is a permissioned token issued 1:1 against a Canadian dollar held at a Schedule I bank. It moves on the 4orm-EVM permissioned network with the same legal characteristics as the underlying deposit — CDIC coverage applies at the bank, and redemption is atomic. Unlike a stablecoin, the underlying is a regulated bank liability, not a money-market fund or commercial-paper basket.
On 4ormEx the tokenized deposit is the default cash leg for atomic delivery-versus-payment. Buyers and sellers settle in tokenized CAD at T+0 instead of waiting for CDS T+2. The token IS the payment — there's no separate wire to reconcile.
Regulatory framing
Bank-issued tokenized deposits are differentiated from stablecoins under OSFI's October 2025 framework because the underlying is the bank's own deposit liability, not a money-market reserve basket. This brings them into the bank's existing prudential perimeter rather than requiring separate Group 2 capital treatment — and gives investors the same CDIC protection that applies to the underlying deposit.