Reflexivity Research · 2026
Tokenized Deposits: The Bank Stack of Ethereum
How ZKsync's Prividium is enabling regulated banks to issue programmable, always-on digital money anchored to Ethereum. The report covers how tokenized deposits combine the programmability of blockchain with the trust, insurance, and regulatory framework of the traditional banking system — and why ZKsync is becoming the institutional settlement layer.
Key takeaways
- The Cari Network, founded by the 27th U.S. Comptroller of the Currency, is onboarding five major U.S. regional banks with $600B+ in combined deposits onto ZKsync's Prividium, targeting a Q3 2026 pilot
- Prividium resolves the decade-long bank dilemma of control vs. connectivity — private execution with public verifiability through zero-knowledge proofs, no trusted operator required
- $5.7 trillion in adjusted stablecoin volume in 2024 proved demand for digital dollars; tokenized deposits bring those same capabilities into regulated banking with deposit insurance and yield
- 35+ financial institutions have validated the Prividium architecture; BitGo brings federally chartered custody to the Bank Stack alongside the Mid-Size Bank Coalition of America's endorsement