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About Cari Network
Cari Network is a tokenized deposit network built by a group of US regional banks. Its core business is to let participating banks issue tokenized deposits on a blockchain—each token represents a real US dollar deposit at a bank. These tokens can be transferred and settled instantly between banks and their customers, 24/7, without moving the underlying money out of the banking system.
Unlike stablecoins, which are usually backed by reserves held outside the banking system, Cari tokens are direct liabilities of a chartered bank and are eligible for FDIC insurance. This keeps the funds inside the regulated banking perimeter while still enabling fast, programmable payments. The network runs on ZKsync's private Layer 2 infrastructure, which provides privacy and compliance controls for banks.
The main pain point Cari addresses is the inefficiency of traditional payment rails—such as ACH and wire transfers—which are slow, have cut-off times, and do not operate around the clock. At the same time, stablecoins have gained popularity but pose risks around reserve transparency and regulatory uncertainty. Cari offers a middle path: the speed and programmability of blockchain, combined with the safety and regulatory clarity of bank deposits.
In the past six months (March to September 2026), Cari has expanded its network to more than 30 banks, with six design partners actively building and integrating the system. SouthState Bank joined the design partner group, and the network now represents over $10 trillion in combined assets. The network is preparing for a pilot launch in 2026, where participating banks will test the issuance, transfer, and redemption of tokenized deposits. However, the network is still in its pilot phase and has not yet achieved broad commercial adoption.
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.
Over the past six months, Cari Network has advanced from MVP to production-ready infrastructure. In March 2026, the network launched its minimum viable product and sandbox environment. By July, it announced a strategic partnership with the American Bankers Association (ABA), expanding its reach across the U.S. banking ecosystem.
In August 2026, Cari raised $32.5 million in its first external funding round, backed entirely by banks. The network now includes more than 30 participating banks, with six design partners—Huntington, First Horizon, M&T Bank, KeyBank, Old National, and SouthState—actively integrating on Fireblocks infrastructure. The network represents over $10 trillion in combined assets.
Looking ahead, Cari plans to launch a summer 2026 pilot with design partner banks, targeting full production by year-end. The roadmap focuses on scaling the tokenized deposit network, expanding programmability features, and onboarding additional banks. The network's architecture—built on ZKsync's private Layer 2 and Fireblocks' custody layer—positions it to become the standard for regulated, real-time dollar settlement in the U.S. banking system.
Cari Network's core team includes:
Gene Ludwig (Founder & CEO): Former 27th Comptroller of the Currency, founder of Promontory Financial Group and Promontory Interfinancial Network (now IntraFi). Also Managing Partner of Canapi Ventures and CEO of Ludwig Advisors.
Matthew (Louie) Giacomini (Co-Founder & COO): Previously COO at Promontory Risk Review, with experience in business development and compliance.
Phoebe Kunitomi (Co-Founder, CPO & CMO): Serves as Chief Product and Marketing Officer at Cari Network.
Peter Marton (Chief Risk & Compliance Officer): Former Deputy Superintendent at NYDFS, and Senior Director at Fireblocks, specializing in digital asset regulation and compliance.