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Five U.S. banks representing $600B in deposits are moving onchain, signaling a potential institutional shift toward Ethereum-powered infrastructure.
What’s the Scoop?
- Headed Onchain: Five U.S. regional banks (Huntington Bancshares, First Horizon, M&T Bank, KeyBank, and Old National Bancorp) are moving toward a tokenized deposit network built on
ZKsync infrastructure, representing a combined $600B+ in deposits. - Network Launch: Earlier this month, ZKsync launched Cari Network, built using its "Prividium" stack (a flexible
Ethereum Ethereum L2 framework designed for financial institutions that prioritizes private execution and compliance) in partnership with the five above reginal banks. - Control and Connectivity: Bank regulators demand control, while markets demand real-time, global connectivity. Existing systems fail to deliver both simultaneously. Zero-knowledge proof technogy pioneered by ZKsync allow banks to verify transactions on Ethereum without revealing sensitive data, unlocking public settlement with private execution.
- Cari Approach: According to a ZKsync press release, "Cari exists to give regulated banks a path into programmable settlement without leaving the regulatory perimeter."
— ALEX | ZK (@gluk64) March 18, 2026
