A tokenised deposit is an ordinary bank deposit recorded on a blockchain-style ledger. It remains a claim on a regulated bank, with the same protections as the balance in your current account, but it can move between parties around the clock. Rules written into the ledger can also make a payment happen automatically once agreed conditions are met. That makes it different from a stablecoin, which is a claim on a separate issuer backed by a reserve.
For several years single banks ran their own deposit-token pilots. In late September 2026 the focus moved to networks between banks. Within three days:
- 22 September (confirmed): six Canadian banks said they are jointly exploring a Canadian-dollar tokenised-deposit solution [1].
- 24 September (company-reported): The Clearing House (TCH), a US bank payments operator, picked Quant to power its On-Chain Money network. It expects the network to be available in the first half of 2027 [2].
- 24 September (company-reported): IBM connected its Digital Asset Haven platform to Swift’s shared ledger, in beta [3][4].
- 28 September (confirmed, for comparison): in Hong Kong, tokenised deposits were used to settle a government bond tranche [5].
Canada: six banks, one exploration
Confirmed. BMO, CIBC, National Bank of Canada, RBC, Scotiabank and TD are “jointly exploring the development of Canadian dollar based digital money solutions, starting with a tokenized deposits initiative,” according to the joint announcement published by TD [1].
What the banks said [1]:
- The first phase “aims to move tokenized deposits efficiently across Canadian financial institutions”. The longer-term goal is to “connect with other emerging digital assets initiatives”.
- They want “faster, more efficient and programmable payments” while “preserving safety, stability, and effective regulatory oversight”.
- “Other deposit-taking institutions” may join “at the appropriate time”.
What is missing. The announcement gives no timeline, budget, technology provider or regulatory approval [1]. It is an exploration. What stands out is that six banks are working on one solution together, rather than each building its own token.
United States: The Clearing House picks Quant
Company-reported. TCH said Quant will provide the “interoperability, orchestration, and transaction-management layer” for its On-Chain Money Initiative [2]. TCH first announced the network in June. It is meant to “enable financial institutions of all sizes to clear and settle tokenized deposit transactions” [2].
The details TCH gave [2]:
- Links to existing rails. The network will connect to TCH’s RTP real-time payment system and CHIPS, its large-value payment system. Tokenised deposits will therefore not sit on an island.
- Timing. The network “is expected to become available to participating institutions in the first half of 2027”. It is not live.
- Scale. TCH says its networks “clear and settle more than $2 trillion each day”. That is TCH’s figure for its existing systems, not for the new network.
TCH’s Sal Karakaplan said interbank infrastructure for tokenised deposits “requires proven technology that can scale”. Quant’s Gilbert Verdian said tokenised deposits “are now the de facto way banks move money on-chain” [2]. That is a vendor’s claim, not a measured fact.
Why it matters. Without a shared network, a deposit token works only among one bank’s own customers. With TCH’s network, a token issued by one US bank could settle against another’s, and smaller banks would not have to build their own systems. That is the gap TCH says it is filling.
Swift’s ledger: IBM connects, in beta
Company-reported, also reported by The Block. IBM said clients of its Digital Asset Haven platform can now connect to permissioned blockchain networks, including Swift’s blockchain-based shared ledger [3][4]. Both the connection and a separate on-premises version of the platform are in beta.
The key piece is a messaging adapter. It lets institutions “instruct tokenized deposit transactions using standard ISO 20022 messages”, the payment message standard banks already use [3]. Banks would not need to learn blockchain-specific workflows. IBM says participating clients can move digital assets “24 hours a day, 7 days a week, ahead of final settlement through existing systems” [3]. In other words, the token moves at any hour, but final settlement still runs through today’s systems.
According to IBM, Swift’s ledger was designed with more than 40 financial institutions and “is being put to first use by 17 first-mover institutions piloting tokenized deposit transactions” [3]. Participants have “successfully tested tokenized deposits” on the ledger using IBM’s platform [3]. The Block adds that Swift first announced the ledger at Sibos 2025, based on a prototype built with Consensys [4].
Hong Kong as a working example
Networks elsewhere are still being explored or piloted. In Hong Kong, tokenised deposits are already in use. When the government priced around HK$20 billion of digital green bonds on 28 September, tokenised deposits “empowered by EnsembleTX” were used to settle the Hong Kong dollar tranche in the primary issue [5]. The HKMA calls it the world’s first digital bond to do so. Its Policy Address plans add CBDC settlement and 24/7 operations under EnsembleTX by around the end of 2026 [6]. TSN’s central-bank explainer covers both.
Deposits versus stablecoins
The banks’ case is that tokenised deposits keep money inside the regulated banking system, and that stablecoins move it out. Canada’s banks stress “safety, stability, and effective regulatory oversight” [1]. TCH stresses that tokenised deposits “retain the protections and regulatory oversight of a traditional deposit” [2]. The IMF’s October chapter, covered in TSN’s risk-check post, made a related point. Any private settlement token, whether a stablecoin or a deposit token, needs controls on the issuer’s credit and liquidity risk.
What this does not prove
- That Canada will launch a CAD deposit token. Six banks are exploring one, with no date [1].
- That TCH’s network will go live on time. “First half of 2027” is TCH’s expectation [2].
- Swift’s ledger usage. IBM’s connection is a beta, and “17 first-mover institutions” are piloting [3].
- That tokenised deposits will beat stablecoins. Quant’s “de facto” claim is promotional [2].
- Any investment view on the companies named.
The Bottom Line
Banks are no longer only experimenting with deposit tokens one by one. They are building shared networks: a national consortium in Canada [1], a US network linked to RTP and CHIPS due in 2027 [2], and a Swift ledger that works with ISO 20022 [3][4]. Hong Kong shows the model already settling real bond deals [5]. Interoperability is improving, but adoption has not yet been shown. Most of this is still exploration, pilots and betas.
Sources
- TD Bank Group (on behalf of BMO, CIBC, National Bank of Canada, RBC, Scotiabank and TD), “Six Canadian banks explore development of a secure CAD tokenized deposit solution” (CNW release), 22 September 2026. https://stories.td.com/ca/en/news/2026-09-22-six-canadian-banks-explore-development-of-a-secure-cad-token
- The Clearing House, “The Clearing House Partners with Quant to Advance the On-Chain Money Initiative” (press release), 24 September 2026. https://www.theclearinghouse.org/payment-systems/Articles/2026/09/The-Clearing-House-Partners-with-Quant-to-Advance-the–On-Chain-Money-Initiative
- IBM, “IBM Expands Its Digital Banking Infrastructure with Swift Integration and Digital Asset Haven On-Premises” (press release), 24 September 2026. https://newsroom.ibm.com/2026-09-24-ibm-expands-its-digital-banking-infrastructure-with-swift-integration-and-digital-asset-haven-on-prem
- James Hunt, “IBM connects Digital Asset Haven to Swift blockchain ledger for tokenized deposit transactions,” The Block, 24 September 2026. https://www.theblock.co/news/business/2026-09-24-ibm-connects-digital-asset-haven-to-swift-blockchain-ledger-for-tokenized-deposit-transactions-416237
- Hong Kong Monetary Authority, “HKSAR Government’s Fourth Digital Green Bonds Offering” (press release), 29 September 2026. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/09/20260929-6/
- HKSAR Government, The Chief Executive’s 2026 Policy Address, Chapter 3 (para 50), 16 September 2026. https://www.policyaddress.gov.hk/2026/en/chapter3.html
