Published Mar 10, 2026 · American Banker
Banks seek stablecoin alternatives. Ex-Clinton regulator Eugene Ludwig's startup Cari builds tokenized deposit network offering faster payments with deposit insurance.
Cari, founded by Clinton-era banking regulator Eugene Ludwig, is building a network of tokenized deposits as a bank-friendly alternative to stablecoins. Banks are drawn to the model because it offers faster payments while retaining deposit insurance — and avoids the deposit-drain risk posed by fintech-dominated stablecoins. The main challenge ahead: convincing banks to join a shared network when many are already pursuing their own solutions, similar to hurdles faced by JPMorganChase's efforts.
BitGo and ZKsync are teaming up to offer banks a full-stack infrastructure for tokenized deposits, as financial institutions look to bring traditional money onto blockchain rails without stepping outside regulatory boundaries.
Five US regional banks are building the Cari Network on ZKsync — tokenized deposits with stablecoin-speed settlement, FDIC-insured and fully within the banking system.
