Published Aug 31, 2026 · CoinDesk
Matter Labs' Vassilis Tziokas argues in CoinDesk that no market structure bill can make bank deposit networks interoperable — that comes from architecture and clearing, not legislation.
In this CoinDesk opinion piece, Matter Labs' Vassilis Tziokas argues that the Senate's delay of the Clarity Act to September has not slowed bank work on tokenized deposits, and that the harder question is architectural rather than legislative. The article points to JPMorgan's Kinexys platform and its JPMD deposit token, Citi Token Services, and the June announcement that The Clearing House will clear and settle tokenized deposits onchain for seventeen institutions, alongside the bank-governed Cari Network — which the piece reports has grown to more than 30 participating institutions representing over $10 trillion in combined assets, running on Prividium, a privacy-focused layer 2 built on ZKsync.
Because a tokenized deposit is a claim on one specific bank, Tziokas writes, interoperability cannot come from a messaging standard or a token bridge; it comes through clearing — redemption, issuance, netting, and residual settlement in central bank money. Doing that onchain means satisfying privacy, neutrality, and verifiability at once: each institution operating its own ledger, cryptographic proofs that let networks verify transfers without exposing the underlying data, and settlement anchored to infrastructure no participant owns.
No statute can turn one bank's liability into another's, but the article argues that regulatory uncertainty makes isolation the rational default for every bank — and that passing Clarity, together with banking-agency guidance on transferring tokenized deposits outside the issuing bank's network, is what tells boards and examiners that shared onchain infrastructure is a supervised activity with known rules.
Risk and payments leaders at three Cari Network partner banks describe how they're rebuilding liquidity and controls for always-on settlement — the operational work behind bank-governed tokenized deposits.
S&P Global's Q1 2026 stablecoin report spotlights the bank-governed Cari Network, building a tokenized deposit platform on a private ZKsync deployment.
