U.S. regional banks are building a ZKSync-based tokenized deposit network to counter stablecoins. The Cari Network aims for a 2026 launch as banks test issuing, transferring, and redeeming digital deposits. Participating banks include Huntington Bancshares, First Horizon, M&T Bank, KeyCorp, and Old National Bancorp.
The Cari Network is set for broader rollout in 2026, with participating banks testing how these tokenized deposits are created, transferred between parties, and converted back into U.S. dollars. The network is designed to convert customer deposits into digital tokens so that funds can move instantly between institutions without leaving the banking system. Banks must lead the next phase of digital money and should not simply react.
Matter Labs CEO Alex Gluchowski says the project demonstrates how banks can leverage blockchain while meeting privacy and regulatory compliance requirements. The system operates on a private permissioned blockchain called Prividium, built by Matter Labs, the core developer of the ZKSync network. The Mid-Size Bank Coalition of America has publicly supported Cari, reflecting regional banks’ interest in upgrading payments infrastructure without risking deposits from being displaced by newer digital alternatives.
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