Cari Network secures commitments from 30 banks, enabling $10T in assets to move on-chain

More than 30 US banks have committed to the Cari Network, a platform for tokenized deposits that collectively represents over $10 trillion in assets. Another 40 institutions are reportedly in discussions to join, making this one of the largest coordinated pushes by traditional banks into blockchain-based infrastructure. Six design partner banks, including Huntington, First Horizon, M&T Bank, KeyBank, Old National, and SouthState, are already integrating the network’s services on Fireblocks infrastructure. The goal: transfer FDIC-eligible dollars in real time using a permissioned blockchain, with a pilot launch targeted for summer 2026 and full production by year-end. What exactly is the Cari Network The Cari Network allows chartered US banks to issue digital representations of customer deposits, called Cari tokens, that stay on the issuing bank’s balance sheet and remain eligible for FDIC insurance. Unlike stablecoins issued by non-bank entities like Circle or Tether, these tokenized deposits don’t create a new asset class floating outside the banking system. They’re the same deposits customers already hold, just represented digitally to enable programmable, real-time settlemen...