Cari

What Cari does

Cari operates a bank-governed, permissioned blockchain network that enables U.S. chartered banks to issue, transfer, and redeem tokenized deposits — digital tokens representing customer USD deposits — on a 24/7/365 basis. Each token remains a regulated bank liability on the issuing institution's balance sheet and retains FDIC insurance eligibility up to applicable limits. The platform is built on ZKsync's Prividium, a privacy-preserving permissioned blockchain anchored to Ethereum, with smart contracts in Solidity using UUPS upgradeable proxy patterns, TypeScript backend services using the Effect functional programming framework, and institutional custody integration with MPC signing infrastructure for transaction processing. Banks connect to the network via an API layer to execute the mint, transfer, and burn lifecycle, supported by a front-end wallet interface and operational portal delivered in the full product suite launched July 2026.

The company serves U.S. regional and community chartered banks seeking to modernize digital payment infrastructure and compete with stablecoins and crypto payment rails while keeping deposits within the regulated banking system. Secondary users include the commercial banking customers of those institutions (requiring real-time treasury and payment capabilities) and digital asset market participants seeking regulated on/off-ramps. Revenue is structured around transaction and network fees on tokenized deposit issuance, transfer, and redemption, supplemented by platform and subscription fees for bank onboarding and ongoing API access. Go-to-market is direct enterprise sales to chartered banks, layered with distribution partnerships: ABA Premier Partner designation, SouthState Bank's correspondent banking platform reaching 1,300+ institutions, and Mid-Size Bank Coalition of America endorsement. Notably, the six Design Partner Banks are simultaneously customers, co-developers of the technology and governance model, and equity investors in the $32.5M September 2026 funding round.

The company is pre-revenue and pre-production, with MVP launched March 2026 against six design partner banks and a production launch planned for later in 2026. The network has expanded from the initial six Design Partner Banks to more than 30 committed institutions with over 40 additional banks in active discussions, representing more than $10 trillion in combined assets. The strategic intent — embedding tokenized deposits within the regulated banking system rather than displacing it — is the central organizing principle of the company's technology, governance, and partnership architecture.

Name

Cari

Legal name

Cari LLC

Website

https://cari.com

Company type

Private

Operating status

Operating

Short description

Cari is building a bank-governed, permissioned blockchain network that lets U.S. chartered banks issue, transfer, and redeem tokenized U.S. dollar deposits on a 24/7 basis while keeping funds FDIC-insured on bank balance sheets. Founded by former Comptroller Gene Ludwig, the platform serves regional and community banks competing with stablecoin rails.

Ownership category

akta.pro rank

Product category

Tokenized Deposit Network Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Tokenized Bank Deposit & Commercial Bank Money Issuers (FSADADAB)

akta.pro secondary industries

Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ), Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE), Reserve Management, Custody & Segregated Accounts (Backing Infrastructure) (FSADADAD), Tokenization, Network Vaults & Credential Management (FSAGABAF)

Keywords

• Tokenized deposit network
• Permissioned blockchain banking
• Programmable digital payments
• Bank settlement infrastructure
• Tokenized money movement

Headquarters

HQ city

Delaware

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Network Fees: Transaction and network fees from participating banks for tokenized deposit issuance, transfers, and redemption through the Cari Network.
2. Platform/Subscription Fees: Fees for bank onboarding, integration, and ongoing platform access. Banks connect via API to the Network's infrastructure.
3. Use Case Expansion Revenue: Revenue from expanding programmable money use cases available to participating institutions and their commercial customers, including treasury management and liquidity services.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Cari operates the Cari Network, a permissioned, blockchain-based tokenized deposit platform that enables U.S. chartered banks to issue digital tokens representing customer USD deposits, transfer them instantly 24/7/365 between verified counterparties, and redeem them back into fiat on demand. The platform keeps deposits within the regulated banking system with FDIC insurance eligibility preserved, while delivering programmable, always-on settlement and treasury management capabilities to participating banks and their commercial customers.

Product overview

Cari Network is a single unified product — a bank-governed, permissioned blockchain-based platform and tokenized deposit network that powers always-on, programmable digital money movement for regulated financial institutions. The network enables banks to issue digital tokens (Cari) representing customer deposits denominated in U.S. dollars, conduct instant 24/7 transfers between verified counterparties, and redeem tokens back to fiat on demand. The platform integrates with participating banks' existing systems via an API layer and provides a front-end wallet interface and operational portal for banks to manage the tokenized deposit lifecycle (mint, transfer, burn). Deposits remain on participating banks' balance sheets with FDIC insurance eligibility.

Differentiator

Problem solved

Functional benefit

Products and services

• Cari Network A permissioned, blockchain-based platform and tokenized deposit network that lets U.S. chartered banks issue, transfer, and redeem digital tokens (Cari) representing customer USD deposits on a 24/7/365 basis, with FDIC insurance eligibility preserved. Sold to U.S. chartered banks as Design Partner Banks or Network Partner Banks, with the network comprising more than 30 institutions representing $10 trillion+ in combined assets.

Quantifiable outcome

• Network and pipeline representing $10 trillion+ in combined bank assets
• +2 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

13 partnerships are on record, tiered flagship, core and network.

• American Bankers Association (ABA)flagshipGTM or Marketing Partner · 2 July 2026Cari joined ABA's Premier Partner Network, designated for organizations making significant long-term commitment to advancing the banking industry. Cari will work alongside ABA to engage banks on tokenized deposits and digital money infrastructure.
• TassatcoreTechnology or Integration · 30 April 2026Strategic partnership with Tassat, pioneer behind the first blockchain-based tokenized deposit network successfully deployed in a live U.S. banking environment. Cari acquired and incorporated select Tassat technologies and technical expertise validated in live banking environments to accelerate development of its tokenized deposit network.
• Matter Labs (ZKsync)coreTechnology or Integration · 17 March 2026Cari building its bank-grade tokenized deposit network on Matter Labs' Prividium, a privacy-preserving, permissioned blockchain infrastructure anchored to Ethereum. Provides institutional blockchain infrastructure designed for safety, transparency, and long-term stability.
• Mid-Size Bank Coalition of America (MBCA)coreGTM or Marketing PartnerMBCA has endorsed Cari's approach, reflecting growing interest among regional and community banks in modernizing payments infrastructure while preserving deposits within the banking system. MBCA President and CEO Brent Tjarks provided statement supporting Cari's model.
• Atlantic Union BanknetworkOthersNetwork Partner Bank joining the expanded Cari Network ahead of production launch.
• Bank of VernonnetworkOthersNetwork Partner Bank joining the expanded Cari Network.
• ConnectOne BanknetworkOthersNetwork Partner Bank joining the expanded Cari Network.
• FNBO (First National Bank of Omaha)networkOthersNetwork Partner Bank joining the expanded Cari Network.
• Glacier BanknetworkOthersNetwork Partner Bank joining the expanded Cari Network.
• MidFirst BanknetworkOthersNetwork Partner Bank joining the expanded Cari Network.
• Raymond James BanknetworkOthersNetwork Partner Bank joining the expanded Cari Network.
• Southwest Heritage BanknetworkOthersNetwork Partner Bank joining the expanded Cari Network.
• Washington Trust BanknetworkOthersNetwork Partner Bank joining the expanded Cari Network.

Scale indicators5 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• Figure Technology Solutions: Blockchain-native financial services firm building provenance infrastructure for lending, capital markets, and digital asset workflows. Operates in the same bank-grade blockchain-financial-services category and competes for bank modernization budgets.
• Circle: Issuer of USDC, the largest U.S. dollar stablecoin, which provides24/7 dollar transferability for banks and corporates. Circle represents the principal non-bank alternative to Cari's bank-governed tokenized deposit model and competes directly for the same bank digital-money use cases.
• Anchorage Digital: Federally chartered digital asset bank offering custody, trading, and tokenization services to institutions, including tokenized deposit and stablecoin infrastructure. Competes with Cari for bank digital-asset workloads while also operating as a regulated bank itself.
• Ripple: Enterprise blockchain and payments company serving banks with cross-border settlement via XRP and RippleNet. Targets the same chartered-bank digital-payments modernization theme as Cari, though with a cross-border and remittance focus rather than deposit tokenization.
• JPMorgan Onyx: JPMorgan's blockchain business unit operating JPM Coin, tokenized deposit infrastructure, and interbank settlement rails. Represents the largest incumbent bank-owned tokenized-deposit platform and a key competitive reference point for Cari's commercial positioning.

Others

• Fireblocks: Institutional digital-asset custody and operations platform that banks use for crypto and tokenized-asset infrastructure. Cari integrates with institutional custody platforms for transaction signing, placing Fireblocks in the adjacent enabling-infrastructure layer.
• R3: Enterprise blockchain platform (Corda) used by large bank consortia for interbank workflows, capital markets, and settlement. Targets the same permissioned-blockchain-for-banks category as Cari's underlying architecture choice.

Direct peers

• Paxos: Regulated blockchain infrastructure platform issuing stablecoins (USDP, PYUSD) and providing tokenization services for banks and enterprises. Paxos overlaps with Cari on tokenized dollar instruments and bank-facing digital asset infrastructure.
• Fnality: Consortium-backed payment network issuing tokenized commercial bank money (FnUSD) for wholesale settlement between regulated banks. Closest conceptual peer to Cari outside the U.S., targeting interbank tokenized deposit settlement with major global banks.
• Tassat: Pioneer of the first blockchain-based tokenized deposit network deployed in a live U.S. banking environment. Cari acquired select Tassat technologies in April 2026, but Tassat's prior product directly overlapped Cari's tokenized-deposit network offering and customer base of chartered banks.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cari