WASHINGTON — April 30, 2026
Executive Summary
The Cari Network has announced a strategic partnership with Tassat, a provider of blockchain-based tokenized deposit infrastructure, as part of its ongoing effort to advance bank-led digital money movement in the United States. Under this agreement, Cari will acquire and integrate select technologies and technical expertise from Tassat, leveraging capabilities that have already been validated in live U.S. banking environments. The collaboration is intended to accelerate the development of Cari’s tokenized deposit network and support the delivery of always-on, programmable payments for regulated financial institutions.
The partnership aligns with Cari’s stated objective of ensuring that digital money innovation remains within the regulatory perimeter and is led by the banking system. It also reflects ongoing industry movement toward real-time, blockchain-enabled financial infrastructure designed to support secure, scalable, and compliant money movement across institutions.
Announcement Overview
The Cari Network has formally entered into a strategic partnership agreement with Tassat, a company recognized for developing the first blockchain-based tokenized deposit network deployed in a live U.S. banking environment. The agreement enables Cari to incorporate select Tassat technologies and operational expertise into its platform as it advances its tokenized deposit network infrastructure.
Through this collaboration, Cari will integrate capabilities that have been tested and implemented within regulated banking environments, supporting its goal of delivering real-time, programmable payment functionality to U.S. banks. The partnership is positioned to strengthen Cari’s infrastructure by combining its network model for bank-led digital money movement with Tassat’s experience in deploying and operating blockchain-based financial systems.
The initiative reflects a continued focus on building a bank-controlled, compliance-oriented framework for digital payments, ensuring that innovation in digital money remains aligned with regulatory expectations and institutional safeguards. The collaboration also contributes to Cari’s broader effort to establish a scalable and interoperable network for tokenized deposits across participating banks.
Key Announcement Details
Partnership Structure and Announcement Information
- Announcement Type: Strategic partnership between Cari Network and Tassat
- Announcement Date: April 30, 2026
- Announcement Time Zone Reference: Eastern Daylight Time (EDT)
- Announcement Location: Washington, United States
- Announcing Entity: Cari Network
- Partner Entity: Tassat Group, Inc.
- Nature of Agreement: Technology acquisition and expertise integration partnership
- Transaction Support: Financial advisory provided during partnership execution
Partnership Structure and Agreement Scope
- Partnership Nature: Strategic technology and infrastructure collaboration
- Agreement Scope: Acquisition and incorporation of select Tassat technologies
- Expertise Integration: Inclusion of Tassat’s technical expertise and operational experience
- Validation Basis: Technologies validated in live U.S. banking environments
- Deployment Readiness: Integration of production-proven banking infrastructure
- Operational Objective: Accelerate Cari’s platform development and deployment timelines
Strategic Purpose and Institutional Objective
- Primary Objective: Accelerate development of Cari’s tokenized deposit network
- Strategic Goal: Advance bank-led digital money movement in the United States
- System Design Objective: Ensure digital money evolution remains within regulated banking perimeter
- Consumer Focus: Maintain safety and well-being of consumers and communities
- Financial System Objective: Preserve stability of the U.S. financial system
- Institutional Priority: Ensure banking system leadership in digital money innovation
- Economic Objective: Maintain banking system as trusted engine of economic growth in a digital environment
Technology Integration and Platform Development
- Technology Source: Tassat’s blockchain-based tokenized deposit infrastructure
- Integration Scope: Select technologies incorporated into Cari’s platform
- Technical Capability Transfer: Practical expertise from real banking deployments
- Infrastructure Validation: Proven functionality in regulated financial environments
- Development Acceleration: Reduced build time through integration of existing systems
- Platform Enhancement: Strengthening of Cari’s technical architecture
Tokenized Deposit Network Capabilities
- Network Type: Tokenized deposit network connecting chartered banks and decentralized finance
- Operational Model: Shared ledger-based financial infrastructure
- Deposit Structure: Commercial bank deposits represented on-chain
- Token Lifecycle Capability: Real-time issuance, transfer, and redemption of deposits
- Settlement Capability: Instant settlement of financial transactions
- Availability Model: Continuous operation (24/7/365)
- Payment Rail: Interoperable system enabling seamless interbank transfers
Payment Functionality and Features
- Payment Model: Always-on programmable payments
- Transaction Processing: Real-time execution
- Programmability: Automated and configurable payment logic
- Operational Efficiency: Improved speed and scalability of transactions
- System Reliability: Infrastructure designed for continuous operation
- User Scope: U.S. banks participating in the network
Blockchain Architecture and Technical Framework
- Blockchain Type: Permissioned private blockchain
- Technology Layer: Layer-2 blockchain anchored to Ethereum
- Access Model: Controlled access limited to participating institutions
- Governance Model: Institutions retain control over governance and operations
- Ledger Structure: Shared ledger enabling coordinated transaction processing
- Scalability Framework: Designed to support expansion across multiple institutions
- Interoperability Design: Integration between traditional banking and decentralized finance
Regulatory and Compliance Framework
- Regulatory Positioning: Fully within regulatory perimeter
- Compliance Model: Bank-led structure aligned with regulatory expectations
- Supervisory Alignment: Operates within established financial system safeguards
- Risk Management Objective: Maintain system safety and institutional trust
- Control Mechanism: Banks retain authority over access and transaction governance
- Regulatory Intent: Ensure digital money innovation remains compliant
Network Development Milestones
- MVP Launch Timing: March 2026
- Development Approach: Co-developed with design partner banks
- Initial Deployment Stage: Minimum viable product successfully launched
- Post-MVP Expansion: Ongoing network scaling and onboarding
Design Partner Banks (MVP Stage)
- Participating Institutions:
- First Horizon Corp.
- Huntington Bancshares Inc.
- KeyCorp
- M&T Bank Corp.
- Old National Bancorp
- SouthState Bank
- Role of Design Partners: Contribution to development and testing of MVP
- Operational Involvement: Participation in early-stage network buildout
Network Expansion and Participation Pipeline
- Additional Bank Commitments: Eight additional banks committed to join
- Expansion Timing: Ahead of production launch
- Pipeline Size: Hundreds of institutions in active discussions
- Growth Trajectory: Expanding institutional participation across network
- Adoption Indicator: Increasing interest from regulated financial institutions
Production Roadmap and Deployment Timeline
- Production Launch Timing: Planned later in 2026
- Pre-Launch Activity: Expansion of participating institutions
- Deployment Objective: Transition from MVP to production-scale network
- Scalability Plan: Expand network reach across U.S. financial system
Industry Alignment and External Endorsement
- Coalition Support: Endorsed by Mid-Size Bank Coalition of America
- Industry Signal: Recognition of need to modernize payment infrastructure
- Strategic Alignment: Focus on preserving deposits within banking system
- Market Trend: Increasing adoption of blockchain-based financial systems
- Institutional Response: Growing engagement from U.S. banks
Tassat Organizational Capabilities
- Core Offering: Institutional-grade blockchain infrastructure solutions
- Operational History: Active since 2019
- Deployment Experience: Platforms operating in regulated U.S. banking environments
- Transaction Volume: More than $2.5 trillion settled
- Functional Capabilities:
- Real-time transaction processing
- Instant settlement
- Blockchain-based financial infrastructure
- Market Coverage: Financial services, digital assets, and capital markets
- Infrastructure Role: Backbone provider for financial institutions
- Technology Contribution: Intellectual property and technical expertise
Industry Recognition and Awards (Tassat)
- Award (2021): Google Cloud Customer Award for Financial Services Innovation
- Award (2023): U.S. FinTech Award for Payments Technology
- Recognition Scope: Innovation and performance in financial technology infrastructure
Cari Network Platform Definition and Value Proposition
- Network Identity: First tokenized deposit network connecting banks and decentralized finance
- Core Capability: Instant settlement without leaving regulatory perimeter
- Technology Base: Layer-2 blockchain anchored to Ethereum
- Deposit Model: Commercial deposits brought on-chain
- Safety Objective: Preserve benefits of traditional bank money
- Payment Infrastructure: Interoperable rail combining blockchain and banking systems
- Performance Benefit: Speed, programmability, and scalability
- Trust Factor: Maintains trust of regulated banking system
Governance and Development Structure (Cari)
- Development Model: Co-developed with participating banks
- Governance Model: Shared governance with institutional participants
- Leadership Composition: Experts in banking, financial regulation, and digital assets
- Operational Alignment: Built to meet institutional and regulatory requirements
Strategic Model for Digital Money Movement
- Model Type: Bank-led digital money movement infrastructure
- Operational Status: Production-proven through validated technologies
- System Objective: Enable scalable interbank transactions
- Functional Goal: Support real-time, programmable, and secure money movement
- Infrastructure Design: Built for institutional adoption and scalability
Advisory and Transaction Support
- Financial Advisor: Keefe, Bruyette & Woods, A Stifel Company
- Advisory Role: Exclusive financial advisor to Cari
- Transaction Scope: Support for structuring and execution of partnership
Ownership and Legal Statement
- Ownership Notice: © Cari LLC. All Rights Reserved
Strategic Direction: Bank-Led Digital Money Movement
Cari has emphasized that its approach to digital money is rooted in the principle that innovation should be led by regulated financial institutions and remain within established regulatory frameworks. The partnership with Tassat supports this direction by enabling Cari to incorporate technologies that have already demonstrated functionality in real-world banking environments.
According to the company, the development of digital money infrastructure must prioritize:
- Consumer safety and financial system stability
- Regulatory compliance and institutional oversight
- Operational reliability within the banking ecosystem
The integration of Tassat’s capabilities is positioned to reinforce these priorities while enabling Cari to expand its platform functionality and accelerate deployment timelines. The partnership reflects a broader industry emphasis on ensuring that digital asset innovation complements, rather than replaces, the existing banking system.
Technology Integration and Platform Development
Under the agreement, Cari will incorporate select Tassat technologies and technical expertise into its platform architecture. These technologies have been validated through prior deployments in live banking environments, providing a foundation for further development of Cari’s tokenized deposit network.
Key elements of this integration include:
- Blockchain-based infrastructure supporting tokenized deposits
- Real-time transaction capabilities for issuing, transferring, and redeeming digital assets
- Programmable payment functionality enabling automation within financial workflows
- Operational frameworks tested in regulated banking environments
This integration enables Cari to enhance its platform’s ability to support:
- Continuous, always-on payment processing
- Scalable network expansion across participating banks
- Standardized operational processes across institutions
The collaboration reflects a model in which proven infrastructure is leveraged to accelerate development cycles, reducing the need for ground-up system creation while maintaining compliance with regulatory requirements.
Leadership Commentary
Eugene A. Ludwig, Founder and Chief Executive Officer of Cari, stated:
“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. 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.”
Glen Sussman, Chief Executive Officer of Tassat, added:
“Tassat is proud to be partnering with the Cari Network to deliver its mission of modernizing digital banking infrastructure. 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 Network Architecture and Operational Model
The Cari Network has been developed as a permissioned, private blockchain infrastructure designed to support regulated financial institutions in modernizing digital payments. Within this framework:
- Participating banks maintain control over access, governance, and transaction activity
- Tokenized deposits can be issued, transferred, and redeemed in real time
- All operations occur within a regulated environment
The network is structured to enable:
- Instant settlement of transactions
- Continuous availability (24/7/365)
- Interoperability across participating institutions
Cari’s architecture is anchored to a Layer-2 blockchain built on Ethereum, providing a foundation for:
- Scalable transaction processing
- Programmable financial interactions
- Integration with decentralized finance frameworks while maintaining regulatory safeguards
This model is designed to preserve:
- The role of bank-issued deposits within the financial system
- The stability and trust associated with traditional banking infrastructure
Network Expansion and Institutional Participation
The partnership announcement follows the successful launch of Cari’s minimum viable product (MVP) in March, which was developed in collaboration with a group of design partner banks. These institutions include:
- First Horizon Corp.
- Huntington Bancshares Inc.
- KeyCorp
- M&T Bank Corp.
- Old National Bancorp
- SouthState Bank
In addition to these founding participants, Cari has expanded its network to include eight additional banks that have committed to joining ahead of its production launch later in the year. The company also indicated that it has a pipeline of hundreds of institutions currently in active discussions regarding participation in the network.
This expansion reflects increasing engagement among financial institutions seeking to adopt tokenized deposit infrastructure and real-time payment capabilities within a regulated framework.
Industry Alignment and Coalition Support
Cari’s progress is supported in part by the endorsement of the Mid-Size Bank Coalition of America, which has signaled industry alignment around modernizing payment infrastructure while maintaining deposits within the banking system.
This endorsement reflects:
- Recognition of the need for updated payment systems
- Support for bank-led approaches to digital money innovation
- Alignment with regulatory-compliant infrastructure development
The collaboration with Tassat is positioned within this broader industry movement toward:
- Modernization of financial infrastructure
- Adoption of blockchain-based systems within regulated environments
- Preservation of traditional banking roles in a digital economy
Purpose-Built Model for Real-Time Money Movement
Through its partnership with Tassat, Cari is advancing a purpose-built model for real-time money movement that is:
- Bank-led
- Production-proven
- Designed for scalability within the U.S. financial system
The model is structured to enable:
- Efficient transfer of value between institutions
- Programmable transaction capabilities
- Integration with existing banking operations
This approach reflects a focus on building infrastructure that can support:
- Institutional adoption at scale
- Operational consistency across participating banks
- Compliance with regulatory requirements governing financial transactions
Advisory Role
Keefe, Bruyette & Woods, A Stifel Company, served as the exclusive financial advisor to Cari in connection with this transaction. The involvement of a financial advisor reflects the structured approach taken in establishing the partnership and aligning it with Cari’s broader strategic objectives.
About Cari
The Cari Network is a tokenized deposit network designed to connect chartered banks and decentralized finance systems through a shared ledger infrastructure. The platform enables:
- Instant settlement of transactions
- Continuous availability (24/7/365)
- Interoperable payment capabilities across institutions
Built on a permissioned Layer-2 blockchain anchored to Ethereum, the network brings commercial bank deposits on-chain while maintaining the safety, regulatory compliance, and operational integrity of traditional banking systems.
Cari’s model combines:
- Blockchain speed and programmability
- Trust and scale of regulated financial institutions
The network is led by professionals with expertise in:
- Banking
- Financial regulation
- Digital assets
It is also co-developed and governed with participating banks, ensuring alignment with institutional requirements and regulatory expectations.
About Tassat
Tassat Group, Inc. provides institutional-grade blockchain solutions that enable regulated financial institutions to conduct transactions in real time with enhanced:
- Efficiency
- Speed
- Transparency
To date, Tassat has facilitated the settlement of more than $2.5 trillion in transactions, operating within regulated financial environments across global markets.
Its platform supports:
- Instantaneous transaction processing
- Real-time settlement capabilities
- Applications across financial services, digital assets, and capital markets
Tassat has received industry recognition, including:
- Google Cloud Customer Award for Financial Services Innovation (2021)
- U.S. FinTech Award for Payments Technology (2023)
Media Contact
For additional information, visit cari.com.
Source Attribution
Source: Company announcement
