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The Canadian government and TD Bank successfully piloted a 100 million CAD bond issuance using Hyperledger Fabric technology
According to The Block, the Bank of Canada announced the completion of a tokenization pilot project called "Project Samara," successfully issuing a government bond worth 100 million Canadian dollars using Hyperledger Fabric technology.
The project was issued by the Export Development Canada, with participation from TD Bank and the Royal Bank of Canada, issuing a three-month Canadian dollar-denominated bond to a "closed group of investors," covering the entire process from issuance, bidding, coupon payments, redemption to secondary trading.
The project evaluation found that blockchain technology could enhance operational efficiency, improve data integrity, and reduce counterparty and settlement risks, but these advantages were partially offset by increased system complexity, liquidity costs, and the inadequacies of the existing regulatory framework.
The Bank of Canada stated that although the technology is feasible, widespread adoption may progress slowly due to integration challenges and limited willingness to transform core infrastructure.
The project builds on the Jasper project initiated by the Bank of Canada in 2016.
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