Tokenized Deposits
Bank deposit liabilities tokenized on shared ledgers — FDIC-insured, on balance sheet, exempt from GENIUS Act stablecoin rules.
The banking system's answer to stablecoins. Tokenized deposits are not a new asset class — they are the same demand deposit, represented on a shared blockchain ledger instead of a correspondent banking network. The money never leaves the banking system. FDIC insurance follows the deposit. Fractional reserve lending continues. The compliance surface is familiar (BSA/AML, KYC, capital requirements) but the settlement topology is new: five banks, one ledger, T+seconds instead of T+days. Led by Gene Ludwig, former Comptroller of the Currency.
7 PATHS
Cari Network · Prividium (ZKsync) · Member Banks · Huntington · M&T Bank · KeyCorp · First Horizon · Old National · Corporate Treasury · Treasury Management · Citigroup · SETL · HSBC · Mastercard · NY Fed (observer) · Circle · CCTP · JPMorgan · Onyx
1 across 1 path
7 Paths
Converting an existing Demand Deposit Account balance into an on-chain token on Prividium. The token is a direct liability of the issuing bank — not a stablecoin. FDIC insurance follows the deposit, not the token.
Instant deposit transfer between consortium banks on a shared ledger. Huntington customer → KeyCorp customer in seconds, not hours. ZK proofs verify balances without exposing customer data — the "Glass Vault" model.
B2B commercial payment between corporate clients of different consortium banks. Pre-negotiated terms settle atomically on the shared ledger — replacing ACH batch windows with real-time finality.
Automated 24/7/365 treasury balance optimization across consortium banks. Programmatic sweeps move tokenized deposits to where liquidity is needed — bypassing Fedwire windows entirely.
Multi-bank tokenized deposit network with central-bank-money interoperability. Citigroup-led consortium exploring shared settlement of commercial bank money, central bank money, and regulated non-bank digital money on a common ledger.
On/off-ramp between tokenized bank deposits and stablecoins (USDC). The regulatory boundary crossing — a Cari token (bank liability, FDIC-insured) converts to a stablecoin (non-bank liability, reserve-backed). Compliance surface widens at the bridge.
JPMorgan's tokenized deposit for commercial clients — distinct from Kinexys wholesale rails. Deposit tokens represent JPM commercial account balances, enabling programmable payments and 24/7 treasury operations within JPM's ecosystem.
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