A low-power 4-channel hybrid NRZ/multi-tone transceiver for multi-drop bus (MDB) memory interfaces is designed and fabricated in 40 nm CMOS technology. The proposed system achieves 1 pJ/bit power efficiency, while communicating over an MDB channel with 45 dB loss at 3 GHz. The multi-tone (MT) nature of the proposed transceiver helps to control the intersymbol interference (ISI) and reduce the far-end crosstalk (FEXT), which results in a very energy-efficient implementation. The core size area is 80 x 60 um2 and 130 x60 um2 for the TX and RX blocks (including the clock unit), respectively.