Published Mar 10, 2026 · American Banker
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.
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.
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.
