The Cari Network has entered into a strategic partnership with Tassat, developers of a blockchain-based tokenized deposit network. Cari will incorporate select Tassat technologies and technical expertise into its platform, accelerating the development of Cari’s tokenized deposit network and the delivery of always-on, programmable payments for U.S. banks.
“Our goal has always been to ensure that the evolution of digital money is grounded in the safety and well-being of consumers, the financial system, and our communities. Accordingly, it should be led by the banking industry and remain within the safety of the regulatory perimeter. Tassat has already shown what’s possible in a real banking environment,” said Gene Ludwig, founder and CEO of Cari.
“Tassat is proud to be partnering with the Cari Network to deliver its mission of modernizing digital banking infrastructure,” added Glen Sussman, CEO of Tassat. “Tassat has been building and operating regulatory-compliant, mission-critical tokenization platforms for U.S. financial institutions since 2019.”
Cari was created to give regulated U.S. banks a compliant pathway to modernize digital payments while preserving deposits within the banking system and remaining competitive as digital assets reshape how money moves globally. It operates on a permissioned, private blockchain, where participating institutions control access, governance, and transaction activity while enabling real-time issuance, transfer, and redemption of tokenized deposits, redefining how regulated financial institutions move money in a digital environment.
This announcement follows the successful launch of Cari’s MVP in March, developed alongside First Horizon Corp., Huntington Bancshares, KeyCorp, M&T Bank Corp., Old National Bancorp, and SouthState Bank. In parallel, the company expanded its network to include eight additional banks that have committed to join ahead of production launch later this year.
This momentum is supported in part by the endorsement of the Mid-Size Bank Coalition of America, signalling an industry shift toward modernizing payment infrastructure that preserves deposits within the banking system.