WASHINGTON–(BUSINESS WIRE)–The Cari Network today announced it has entered into a strategic partnership with Tassat, the pioneer behind the first blockchain-based tokenized deposit network successfully deployed in a live U.S. banking environment, as it advances its approach to bank-led digital money movement.
Through this agreement, Cari will acquire and incorporate select Tassat technologies and technical expertise—validated in live banking environments—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. “The partnership with Tassat allows Cari’s platform to benefit from select technologies and practical expertise that have been validated through prior banking deployments, adding further momentum to our stated goals. The growing network of banks joining Cari reflects the industry’s recognition that a bank-led, regulatory-compliant path forward is the right one, and the time to build it is now. At its core, this is about giving U.S. banks the tools to lead so the banking system remains the most trusted engine of economic growth in a digital world.”
“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 and is excited to contribute its deep expertise and intellectual property to advance Cari’s interbank network buildout.”
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. The Network 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 a powerhouse group of design partner banks, including First Horizon Corp., Huntington Bancshares Inc., KeyCorp, M&T Bank Corp., Old National Bancorp, and SouthState Bank. In parallel, Cari has expanded its Network to include eight additional banks that have committed to join ahead of production launch later this year, with a broader pipeline of hundreds of institutions in active discussions to participate.
This momentum is supported in part by the endorsement of the Mid-Size Bank Coalition of America, signaling a critical industry shift toward modernizing payment infrastructure in a way that preserves deposits within the banking system and ensures the long-term competitiveness of U.S. financial institutions.
Through this partnership, Cari is advancing a purpose-built model for real-time money movement that is bank-led, production-proven, and built to scale within the U.S. financial system.
Keefe, Bruyette & Woods, A Stifel Company, served as the exclusive financial advisor to Cari on this transaction.
About Cari
The Cari Network is the first tokenized deposit network connecting chartered banks and decentralized finance on a shared ledger, delivering instant, 24/7/365 settlement without leaving the regulatory perimeter. Built on a permissioned Layer-2 blockchain anchored to Ethereum, it brings commercial deposits on-chain while preserving the safety and benefits of traditional bank money. The result is an interoperable payment rail that pairs blockchain speed and programmability with the trust and scale of the banking system. Led by banking, financial regulation, and digital asset experts—and co-developed and governed with banks—the Cari Network is powering the next shift of institutional money movement: one that’s instant, trusted, and always-on.
About Tassat
Tassat Group, Inc. delivers institutional-grade blockchain solutions that enable regulated financial institutions to transact in real time with greater efficiency, speed, and transparency. Having settled more than $2.5 trillion to date, Tassat’s infrastructure operates within regulatory perimeters across global markets, supporting instantaneous transaction and settlement capabilities across financial services, digital assets, and capital markets. Tassat was honored with a 2021 Google Cloud Customer Award for Financial Services Innovation and named U.S. FinTech Award winner for Payments Technology in 2023.
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