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

Overview

• Participating lenders include Huntington Bancshares, First Horizon, M&T Bank, KeyCorp and Old National Bancorp, with support from the Mid-Size Bank Coalition of America.
• Tokens represent standard bank deposits that remain on issuers’ balance sheets under existing regulation with FDIC coverage, distinguishing them from nonbank stablecoins.
• Transactions will run on Prividium, a private, permissioned blockchain developed by Matter Labs using ZKsync technology with access limited to approved participants.
• The network is designed for instant, 24/7 interbank transfers and programmable settlement while keeping activity auditable for supervisors.
• Banks plan tests of token issuance, transfers and redemption ahead of a broader rollout targeted for 2026.