Gowling WLG advises RBC Investor Services on Canada’s first tokenized bond issuance under Project Samara

Gowling WLG is pleased to announce that it advised RBC Investor Services in connection with Project Samara, a groundbreaking collaboration between the Bank of Canada, Export Development Canada (EDC), RBC and TD to evaluate how tokenization and distributed ledger technology (DLT) can enhance bond issuance and settlement in Canada.

As part of the project, EDC successfully issued Canada's first tokenized bond security directly on blockchain infrastructure, a milestone achievement in the evolution of Canada's capital markets. The initiative tested the real-world feasibility of a DLT-based platform supporting the full lifecycle of a bond, including issuance, settlement and secondary trading, and explored both the efficiencies and governance considerations associated with distributed ledger technology in a regulated financial environment.

A Gowling WLG team led by Adam Garetson, leader of the firm's Blockchain & Digital Assets Practice Group, provided commercial and regulatory advice in support of RBC Investor Services' role in the initiative, with a focus on the regulation of digital assets and tokenization and commercial contracting.

"As Canada modernizes its financial services ecosystem, initiatives like Project Samara help ensure our market infrastructure remains resilient, competitive and future-ready," said Garetson. "Testing tokenized securities and DLT-enabled settlement helps clarify the operational and regulatory considerations that will shape broader adoption and Canada's competitive position in an evolving global market."

About Gowling WLG's Blockchain and Digital Assets Practice Group

Gowling WLG's Blockchain and Digital Assets Group advises financial institutions, market infrastructure providers, fintech companies and other market participants on the regulatory, governance and commercial implications of digital assets, tokenization and distributed ledger technology. Drawing on deep experience in financial services regulation, capital markets, technology and commercial contracting, the group supports clients in structuring, implementing and scaling innovative solutions within Canada's evolving legal and regulatory framework. Learn more.