US tokenized deposit network Cari raises $32.5 million from banks

Cari, a specialized network for tokenized deposits, has successfully secured $32.5 million in the first tranche of its initial funding round, with capital sourced exclusively from regional, mid-size, and community banks. The platform aims to provide shared infrastructure that allows smaller financial institutions to mint, transfer, and burn tokenized deposits without the prohibitive costs of independent development. Currently, 30 banks have joined the initiative, with an additional 40 institutions in active discussions to participate. The project reached its minimum viable product stage in March and delivered a full product suite, including wallets and programmability features, by July. Key investors include Glacier Bank and six design partners such as First Horizon Bank, Huntington Bank, and KeyBank. This development is significant for the RWA market as it demonstrates a collaborative approach to blockchain adoption among traditional US banking entities. By pooling resources, these institutions are positioning themselves to compete with larger banks in the digital asset space while maintaining their unique customer service models. The network remains in the pre-production phase as it prepares to scale its tokenized deposit capabilities.