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U.S. Regional Banking Alliance Taps ZKsync for Tokenized Deposit Network
Huntington Bancshares, First Horizon, M&T Bank, KeyBank, and Old National Bancorp are launching a tokenized settlement network built on ZKsync.
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ZKsync has announced the launch of Cari Network, a new platform developed alongside five regional banks that wants to bring tokenized deposits onchain.
What's the Scoop?
- New Network: The Cari Network – developed by ZKsync in collaboration with Huntington Bancshares, First Horizon, M&T Bank, KeyBank, and Old National Bancorp – is built on ZKsync's "Prividium" stack, a flexible Ethereum L2 framework designed for financial institutions that prioritizes private execution and compliance. According to a press release, Cari Network is scheduled for a broader production rollout later this year.
- Better Banking: Deposits represented by Cari tokens will remain regulated bank liabilities held by participating banks, subjecting them to existing regulatory oversight and FDIC insurance. ZKsync's Prividium technology will empower partner banks to transact instantly, 24/7/365, while protecting sensitive data and supporting auditability. Additionally, this design can enable interoperability with other digital asset ecosystem without compromising institutional controls.
- Industry Endorsement: Cari's approach received the endorsement of Mid-Size Bank Coalition of America (MBCA) President and CEO Brent Tjarks, who commented, "Cari’s model keeps deposits on bank balance sheets while enabling modern settlement capabilities, allowing banks to leverage their collective scale responsibly and protect the funding base that supports Main Street."
There was a thesis that all banks are ledgers and will inevitably become chains connected to the global Ethereum superchain.
— RYAN SΞAN ADAMS - rsa.eth 🦄 (@RyanSAdams) March 17, 2026
Over $8 trillion in deposits at regional U.S. banks to bring onchain.
Just getting started. https://t.co/lm2uWAf6DL