Ethereum’s second layer (L2) chain ZKsync team announced on March 17 that Cari Network will build a digital payments network on Prividium, a permissioned infrastructure developed by ZKsync for regulated financial institutions.
Cari Network, an interbank network, was founded in collaboration with five regional U.S. banks: Huntington Bancshares, First Horizon, M&T Bank, KeyCorp, and Old National Bancorp, and its goal is to “modernize digital payments within the regulated banking system.” without removing deposits from banks’ balance sheets or existing supervision.
This means that the tokens issued by Cari are not independent assets. Tokens are digital representations of deposits that remain on the issuing bank’s balance sheet, are subject to regular bank supervision, and are subject to deposit insurance from the Federal Deposit Insurance Corporation (FDIC).
Cari existed as a project in development in collaboration with the aforementioned banks, but until now it lacked a clear technical infrastructure. The selection of Privisium is a decision that will transform the project into a network with an operational technology infrastructure, the statement said. The widest range of expansion Planned for late 2026, but no specific date announced.
What will each institution do within the new Cali network structure?
Once operational, participating banks will connect via an application programming interface (API) to operate the entire tokenized deposit cycle.
- Issue digital tokens representing customer deposits.
- These tokens are transferred instantly between authenticated parties 24 hours a day.
- Redeem for dollars on demand.
In practice, this means that one bank can send tokens representing deposits to another participating bank. anytime, anytimeThere’s no need to rely on traditional payment systems, which operate during limited banking hours and can take 1-2 business days for transfers to complete.
In this context, Prividium acts as a permissioned ledger for the new Cari network, allowing only verified participants to participate in transactions. According to the advertisement, Infrastructure will be fixed on EthereumThis enables interoperability with digital ecosystems.
Cari operates only between institutions and is not a high-volume consumer product or end-user application; it is an interbank payments infrastructure that banks access via API.
Adoption of tokenized assets grows
Tokenized deposits are a specific type of RWA (Real World Asset). real world assets). These assets are digital representations on cryptoasset networks of real-world financial or physical assets.
In the case of Kari-chan, The asset is a bank deposit. The RWA concept also includes government bonds, real estate, stocks, and tokenized products, among others.
The launch of Cari is planned against the backdrop of accelerating growth in this sector. As CriptoNoticias reported at the end of February, tokenized stocks rose 800% in six months despite an overall decline in crypto prices.
Along the same lines, the market capitalization of registered tokenized assets will reach $27 billion, up from $7 billion in mid-March 2025, according to data from the RWA.xyz platform. 286% growth in about 1 year.
(Tag Translate) Banking and Insurance
