|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 > Tokenized deposits are here. B...
Published Aug 19, 2026 · American Banker
Tokenized deposits are here. Banks need to manage the risks
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.
American Banker interviews executives at First Horizon, M&T Bank, and SouthState — three of the banks participating in the Cari Network — on what continuous, 24/7/365 deposit movement means for liquidity forecasting, payment-flow monitoring, and reconciliation across core systems, virtual ledgers, and blockchain. The article reports that Cari now counts more than 30 participating banks with over $10 trillion in combined assets and is expected to be fully operational by the fourth quarter of 2026. M&T's head of enterprise innovation and digital assets frames the shift as a multi-year effort requiring sustained work from both banks and their regulators, and compares the interoperability challenge to the early days of email — noting the industry is still at the table of contents rather than the chapters. SouthState's payments strategy lead makes a related point: isolated, bank-by-bank "cash islands" would limit the value of the technology no matter how strong the underlying infrastructure, and the harder work is redesigning account structures and workflows rather than issuing the token itself. Cari selected Matter Labs' Prividium as the blockchain infrastructure for its tokenized deposit network in March 2026.
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