Bank of Canada and Major Banks Complete Canada’s First Tokenized Bond Experiment
The Bank of Canada, along with major banks TD and RBC, successfully completed Canada's first $100 million tokenized bond experiment using Hyperledger Fabric, enabling real-time settlement with central bank money on-chain. The project, named Samara, demonstrated improved operational efficiency and data integrity but highlighted governance, technology, and regulatory challenges that may slow wider adoption. This marks a significant step toward integrating distributed ledger technology into real-world financial infrastructure.
TLDR: Bank of Canada partnered with TD Bank and RBC to issue Canada’s first $100M tokenized bond on Hyperledger Fabric. Project Samara settled bond transactions in real time using wholesale central bank deposits directly on-chain. The experiment improved operational efficiency and data integrity but introduced new governance and technology risks. Regulatory gaps and integration challenges are expected to slow broader adoption of tokenized bond infrastructure in Canada. The Bank of Canada has completed a live tokenized bond experiment alongside major Canadian financial institutions. The project, known as Project Samara, involved TD Bank Group, RBC Capital Markets, RBC Investor Services, and Export Development Canada (EDC). Together, they issued Canada’s first tokenized bond worth $100 million CAD. The bond was settled using wholesale central bank deposits on a distributed ledger technology platform built on Hyperledger Fabric. Bank of Canada Leads Collaborative DLT Bond Experiment The Bank of Canada took a central role in designing and executing Project Samara. The experiment tested whether distributed ledger technology could work in a real capital markets environment. Unlike previous simulation-based projects, this one used actual central bank money throughout. That distinction made the findings more applicable to real-world financial infrastructure. The Samara Platform managed the bond’s full life cycle from beginning to end. It handled issuance, bidding, coupon payments, secondary trading, and redemption on-chain. Settlement occurred in real time, marking a clear departure from conventional processes. Participating institutions reported improved operational efficiency and data integrity across workflows. Ron Morrow, Executive Director of Payments, Supervision and Oversight at the Bank of Canada, spoke directly to the project’s broader purpose. “Project Samara shows how the public sector and industry can work together to harness innovation in the payment ecosyst...
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