The banks joined competitors RBC, TD and Scotiabank—as well as the Bank of Canada—as participants in the international initiative to explore how blockchain technology could make cross-border payments cheaper and easier. (The Logic)

Talking point: Big Canadian banks have made a flurry of blockchain announcements in recent weeks. Banks make money from transaction fees and from collecting interest on funds sitting in transit. Stablecoins—crypto tokens pegged to the value of a central bank-issued currency—and the forthcoming Real-Time Rail instant payment system threaten that revenue. The Bank for International Settlements initially proposed Project Agorá, which now counts eight central banks and 41 financial institutions as partners. The project seeks to incorporate the advantages of blockchain payments, such as instant settlement and transparency, while avoiding concerns banks have raised about stablecoins, such as the risk of money laundering and deposit flight.

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