Tokenized deposits ramp up in US as Cari grows to 30 banks ahead of pilot

ledgerinsights.com2 min read
Tokenized deposits ramp up in US as Cari grows to 30 banks ahead of pilot
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RWA Signal Insight

Infrastructure

The Cari Network, a platform for tokenized deposits, has expanded its reach to over 30 participating banks as it prepares for an upcoming pilot program. SouthState has joined as the sixth design partner bank, alongside major institutions including Huntington, First Horizon, M&T Bank, KeyBank, and Old National Bank. These design partners, combined with the broader network and pipeline of 40 additional banks, represent financial institutions holding over $10 trillion in total assets. The network aims to facilitate real-time settlement, improved liquidity management, and efficient digital money movement for its members. To accelerate its development, Cari is utilizing proven tokenized deposit technology developed by Tassat, which previously powered large-scale solutions like Signature Bank’s Signet. Furthermore, Cari has secured a strategic partnership by joining the American Bankers Association’s Premier Partner Network. This rapid expansion underscores a significant shift toward institutional adoption of blockchain-based deposit systems within the U.S. banking sector. The initiative highlights the industry's move toward finding scalable, compliant paths for digital asset integration in traditional finance.

Key points

  • Cari Network now includes over 30 banks with a $10 trillion combined asset pipeline.
  • SouthState joins Huntington, First Horizon, M&T, KeyBank, and Old National as design partners.
  • Cari utilizes Tassat’s proven tokenized deposit technology for real-time interbank settlement.
  • Cari has officially joined the American Bankers Association’s Premier Partner Network.

Background

The Cari Network is a collaborative platform designed to enable U.S. banks to issue and settle tokenized deposits. It leverages blockchain technology to modernize traditional banking infrastructure, allowing for instantaneous, 24/7 movement of value between participating financial institutions. The network was founded by Eugene Ludwig, a former U.S. Comptroller of the Currency.

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