|S&P Global
Regional banks build the Cari Network tokenized deposit platform on ZKsync technology
S&P Global's Q1 2026 stablecoin report spotlights the bank-governed Cari Network, building a tokenized deposit platform on a private ZKsync deployment.
ZKsync News > Clinton alum Eugene Ludwig cou...
Published Mar 10, 2026 · American Banker
Clinton alum Eugene Ludwig courts banks for stablecoin alternative
Banks seek stablecoin alternatives. Ex-Clinton regulator Eugene Ludwig's startup Cari builds tokenized deposit network offering faster payments with deposit insurance.
Cari, founded by Clinton-era banking regulator Eugene Ludwig, is building a network of tokenized deposits as a bank-friendly alternative to stablecoins. Banks are drawn to the model because it offers faster payments while retaining deposit insurance — and avoids the deposit-drain risk posed by fintech-dominated stablecoins. The main challenge ahead: convincing banks to join a shared network when many are already pursuing their own solutions, similar to hurdles faced by JPMorganChase's efforts.
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