Bank of Canada, country’s largest banks complete first tokenized bond trial

Project Samara volition proceed to trial issuing, trading and settling bonds utilizing integer Canadian dollars connected a distributed ledger.

Mar 6, 2026, 11:06 a.m.

The Bank of Canada said it completed an experimentation investigating however tokenized bonds tin determination done fiscal markets successful conjunction with a radical of the country's largest lenders.

The government's Export Development Canada issued a C$100 cardinal ($73 million) information with a maturity of little than 3 months, which was sold to a closed radical of investors.

The test, known arsenic Project Samara, besides progressive RBC Dominion Securities, RBC Investor Services Trust and the TD Securities part of Toronto-Dominion Bank. The radical tested however bonds issued by EDC tin beryllium created, traded and settled utilizing distributed ledger technology.

The platform, operated by RBC, supported the afloat lifecycle of a enslaved transaction. The enslaved was issued successful tokenized signifier connected the ledger, allowing participants to taxable bids, process coupon payments, redeem bonds and commercialized connected secondary markets done the aforesaid system.

The experimentation besides tested integer colony utilizing tokenized versions of wholesale Canadian dollars created and managed by the Bank of Canada. These integer funds moved connected the aforesaid ledger arsenic the bonds, allowing transactions to settee wrong the platform.

In its November budget, the national authorities signaled plans to present authorities governing Canadian-dollar-backed stablecoins, with oversight expected to impact the Bank of Canada and rules focused connected reserve backing, redemption policies and hazard management.

Last month, the country's concern regulator, CIRO, introduced a integer plus custody model aimed astatine strengthening however crypto assets are held by trading platforms, tightening standards to trim risks specified arsenic hacking, fraud and insolvency pursuing past manufacture failures.

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