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About Cari Network
Cari Network is a tokenized deposit network governed jointly by US chartered banks and running on a permissioned layer 2 anchored to Ethereum. The Cari tokens in circulation represent customers' dollar deposits at participating banks, matched 1:1 and retaining deposit insurance eligibility. It addresses the cost of each smaller bank building its own chain: minting, transfer, burning and interbank clearing share one infrastructure, banks keep their own customers and deposits, and commercial clients get always-on programmable payments and settlement with on-demand conversion back to fiat.
The network is bank-governed, with design partners including regional banks such as First Horizon, KeyBank and M&T. A minimum viable version shipped in March 2026, Tassat's tokenized deposit technology was subsequently brought in, and more than 30 banks have joined. Its division of labor with stablecoin issuers is that the liability sits with a bank rather than an issuing company; tokens do not circulate in public DeFi and transfers occur only between permissioned members, so reach is bounded by US banking regulation and member admission.
In September 2025, several U.S. regional banks (Huntington, First Horizon, M&T, KeyCorp, Old National) began forming a consortium to develop a tokenized deposit network, aiming to solve the structural problem of tokenized deposits not being interoperable across banks.
On March 17, 2026, the Cari Network was publicly unveiled, announcing the use of ZKsync's Prividium as a private permissioned blockchain infrastructure and disclosing the participating banks; together, these banks hold over $600 billion in deposits. The network is operated by Cari LLC, with tokens representing bank deposits and retaining FDIC insurance eligibility, a key distinction from stablecoins.
By the end of March 2026, the network plans to launch a minimum viable product (MVP), with a production launch targeted for Q4 2026.
On the regulatory front, FDIC Chairman Travis Hill previously stated that any product meeting the statutory definition of a deposit remains a deposit regardless of the technology used to record it. This provides regulatory certainty for tokenized deposits, distinguishing them from stablecoins excluded from deposit insurance, and constitutes a long-term institutional foundation.
On March 17, 2026, Huntington Bancshares, First Horizon, M&T Bank, KeyCorp and Old National Bancorp disclosed that they are building Cari Network, which uses ZKsync's permissioned Prividium chain to tokenise customer deposits for instant interbank settlement while deposits stay on bank balance sheets and keep FDIC coverage.
On September 3, 2026, Cari raised USD 32.5 million from banks; participating institutions hold about USD 600 billion in deposits and the team numbers around 25. The network works with BitGo for custody and wallets and is testing issuance, transfer and redemption, backed by the Mid-Size Bank Coalition of America.
Cari Network will turn tokenised deposits into an always-on payment rail inside the banking system, reach production this year, and extend to more regional banks and regulated settlement use cases.
Gene Ludwig — Founder & CEO; 27th Comptroller of the Currency, founder of Promontory Financial Group, managing partner at Canapi Ventures. Matthew “Louie” Giacomini — Co-Founder & COO.
Phoebe Kunitomi — Co-Founder, CPO & CMO.
Peter Marton — Chief Risk & Compliance Officer. Founded 2025; tokenized deposit network on ZKsync Prividium.