U.S. Regional Banks Launch Cari Network on ZKsync to Tokenize Deposits

A coalition of U.S. regional banks is developing the Cari Network - a tokenized deposit platform built on ZKsync’s Prividium, a private, permissioned layer-2 blockchain.

Participating banks include Huntington Bancshares, First Horizon, M&T Bank, KeyCorp, and Old National Bancorp. The system converts customer deposits into digital tokens that settle instantly between institutions - while remaining on banks’ balance sheets and retaining FDIC insurance.

Unlike stablecoins issued by nonbanks, Cari tokens are fully regulated bank liabilities. Prividium enables fast, private transactions with regulatory auditability.

The Mid-Size Bank Coalition of America backs the initiative. Broader rollout is targeted for 2026, following testing of issuance, interbank transfer, and redemption workflows.

“Banks should be leading the next phase of digital money, not reacting to it,” said Cari CEO Gene Ludwig.