US Banks Build Tokenized Deposit Network to Guard Their Turf

US banks including Huntington Bancshares Inc., First Horizon Corp.and M&T Bank Corp.are working to build a tokenized deposit network as financial firms fight to stay relevant amid the rise of digital assets.

The companies, along with KeyCorp and Old National Bancorp, are working with the Cari Network, a blockchain-based platform led by former US Comptroller of the Currency Eugene Ludwig. The five banks were the initial design partners of the network, and first discussed its formation in September.

Cari is set for the release of a minimum viable product at the end of March, followed ...