Published Feb 18, 2026 · Bloomberg
Huntington, M&T, KeyCorp and peers join Cari Network — Eugene Ludwig's blockchain platform — to build tokenized deposits and stay relevant in the digital asset era.
US banks including Huntington, First Horizon, M&T Bank, KeyCorp, and Old National are building a tokenized deposit network through Cari — a blockchain platform led by former US Comptroller Eugene Ludwig. The initiative, in development since September, aims to keep banks competitive as digital assets reshape finance.
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.
