Inter-Bank Tokenized Deposits: Cari Network & Fireblocks

Six chartered US banks—First Horizon Bank, Huntington Bank, KeyBank, M&T Bank, Old National Bank, and SouthState Bank—are collaborating on the Cari Network, a shared tokenized deposit platform designed to solve the inter-bank infrastructure gap. The network leverages blockchain technology to enable 24/7, real-time settlement of bank-issued digital deposits, which remain FDIC-eligible and on banks’ balance sheets. Unlike traditional payment rails like RTP or FedNow, the Cari Network provides a programmable foundation for smart contract-driven workflows and new product development, addressing both speed and infrastructure limitations. Fireblocks provides the institutional infrastructure layer, including wallet infrastructure and role-based access controls, while ZKsync’s private Layer 2 blockchain ensures cryptographic integrity.

The Cari Network’s Rulebook outlines participation requirements, risk standards, and governance oversight, with smart contract validations and anti-financial crime monitoring reinforcing safety and compliance. The platform is purpose-built for chartered US banks, enabling them to integrate tokenized deposits into their digital asset strategies without building proprietary solutions. Over 30 banks have committed to joining, with another 40 in active discussions, representing a combined network and pipeline of more than $10 trillion in assets. The Mid-Size Bank Coalition of America and the American Bankers Association have endorsed the initiative, signaling broader industry support.

The Cari Network’s technology stack includes in-house smart contracts for minting, burning, and transferring tokenized deposits, alongside Fireblocks’ operational layer for institutional participation. Banks already using Fireblocks for custody or treasury operations have a direct path to integrate with the Cari Network, reducing implementation barriers. The platform’s design prioritizes regulatory compliance, with tokenized deposits maintaining the characteristics of traditional bank deposits, including interest payments and FDIC eligibility, which are critical for corporate treasury clients.

The Cari Network is part of a broader trend in inter-bank digital asset infrastructure, with initiatives like Partior and Qivalis emerging in other markets. While each network takes a distinct approach, the underlying goal remains consistent: enabling regulated banks to move digital money across institutions while preserving safety, trust, and regulatory frameworks. The infrastructure layer is being built now, and banks are encouraged to participate in shaping its future. Institutions interested in joining can reach out for further details on integration and participation.