Cari Network secures commitments from 30 banks, enabling $10T in assets to move on-chain

More than 30 US banks have committed to the Cari Network, a platform for tokenized deposits that collectively represents over $10 trillion in assets. Another 40 institutions are reportedly in discussions to join, making this one of the largest coordinated pushes by traditional banks into blockchain-based infrastructure.

Six design partner banks, including Huntington, First Horizon, M&T Bank, KeyBank, Old National, and SouthState, are already integrating the network’s services on Fireblocks infrastructure. The goal: transfer FDIC-eligible dollars in real time using a permissioned blockchain, with a pilot launch targeted for summer 2026 and full production by year-end.

What exactly is the Cari Network

The Cari Network allows chartered US banks to issue digital representations of customer deposits, called Cari tokens, that stay on the issuing bank’s balance sheet and remain eligible for FDIC insurance.

Unlike stablecoins issued by non-bank entities like Circle or Tether, these tokenized deposits don’t create a new asset class floating outside the banking system. They’re the same deposits customers already hold, just represented digitally to enable programmable, real-time settlement between institutions.

The underlying technology stack pairs Fireblocks for operational infrastructure with ZKsync Prividium, a Layer-2 blockchain, to handle the actual transfers. ZKsync’s zero-knowledge proof technology provides privacy features that banks require when moving regulated assets.

Design work began in late 2025, with a minimum viable product and sandbox environment launched in March 2026. On July 2, 2026, the network announced a partnership with the American Bankers Association.

The man behind the curtain

The Cari Network is driven by Eugene Ludwig, who served as US Comptroller of the Currency under President Clinton from 1993 to 1998.

The six design partners aren’t small community banks. M&T Bank holds roughly $200B in assets. Huntington and KeyBank are both top-25 US banks by asset size. First Horizon, Old National, and SouthState round out the group as significant regional players.

Why this matters for crypto and traditional finance

The $10 trillion figure represents the combined asset base of the participating and committed banks, not the amount that will necessarily flow through the network on day one. But it represents the potential pool of deposits that could be tokenized and settled in real time rather than through the legacy correspondent banking system, which still relies on batch processing and multi-day settlement windows for many transactions.

Tokenized deposits can potentially earn interest just like traditional bank deposits, something stablecoins have struggled to offer directly to holders without running into securities law complications.

For smaller and mid-sized banks in particular, the Cari Network addresses a persistent pain point. These institutions have historically lacked the technology budgets to build real-time payment capabilities in-house, leaving them dependent on larger correspondent banks or third-party payment networks.

A summer 2026 pilot followed by year-end production means the network’s real-world performance data should start emerging in the second half of this year.