Canadian Imperial Bank of Commerce (CM), Royal Bank of Canada (RY), Toronto-Dominion Bank (TD), Bank of Nova Scotia (BNS), Bank of Montreal (BMO) and National Bank of Canada are exploring the development of Canadian dollar-based digital money offerings, CIBC said Tuesday.

The initiative targets efficient movement of tokenized deposits across financial institutions in Canada in the initial phase and to connect with emerging digital assets efforts in the long term, CIBC added.