US regional banks launch Cari Network for tokenized payments
6.8 Banking US regional banks launch the Cari Network on ZKsync, enabling instant, tokenized deposit transfers with regulatory compliance and FDIC insurance.
A consortium of U.S. regional banks, including Huntington Bancshares, First Horizon, M&T Bank, KeyCorp, and Old National Bancorp, has introduced the Cari Network—a tokenized deposit platform built on the ZKsync blockchain. This initiative aims to modernize digital payments by allowing banks to convert customer deposits into digital tokens, enabling instant transfers between participating institutions. Unlike stablecoins issued by nonbank entities, these tokens remain on the banks' balance sheets, are subject to existing regulations, and retain FDIC insurance. The network leverages Prividium, a private, permissioned blockchain developed by Matter Labs, to ensure privacy, regulatory compliance, and auditability. Supported by the Mid-Size Bank Coalition of America, the Cari Network is positioned as a compliant alternative to crypto-native payment systems. A phased rollout is planned through 2026, aiming to enhance efficiency and trust in digital banking.
