The Cari Network has selected Matter Labs’ Prividium as the blockchain infrastructure for its multi bank tokenized deposit platform, with a planned production launch later in 2026. The choice of Prividium, Matter Labs’ permissioned, privacy preserving product built on ZKsync technology, signals Cari’s intent to run on infrastructure purpose built for regulated institutions rather than adapted from public chain deployments.
Cari was founded by Eugene Ludwig, a former US Comptroller of the Currency and founder of Promontory Financial Group, the regulatory consulting firm sold to IBM. Five regional banks are involved in the network’s design and testing: Huntington ($225bn assets), First Horizon ($84bn), M&T Bank ($214bn), KeyCorp ($184bn) and Old National Bank ($72bn). A March minimum viable product and Q3 pilot had been the stated milestones; the Prividium announcement suggests the infrastructure layer is now being locked in ahead of broader rollout.
One of Cari’s more distinctive design choices is a single shared token used across all participating banks. Customers access the token through their individual bank relationship, but the token itself is indistinguishable between institutions. The network operator controls token supply on behalf of the network as a whole.
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Image Copyright: Cari Network
