SouthState announced as Design Partner Bank; Network expands to more than 30 participating banks
WASHINGTON--(BUSINESS WIRE)--The Cari Network, the bank-governed tokenized deposit network purpose-built for regulated financial institutions, today announced it has joined the American Bankers Association's (ABA) Premier Partner Network, underscoring the company's commitment to helping banks modernize payments, deposits, and settlement infrastructure while preserving the central role of regulated institutions in the financial system. By bringing together banks of all sizes on a shared network, Cari is building the scale, interoperability, and shared governance needed to enable the next generation of bank-issued digital money.
Cari also continues to expand participation across its Network, with SouthState Bank announced as a Design Partner Bank alongside Atlantic Union Bank, Bank of Vernon, ConnectOne Bank, FNBO (First National Bank of Omaha), Glacier Bank, MidFirst Bank, Raymond James Bank, Southwest Heritage Bank, and Washington Trust Bank among the newest institutions to join the Network. In total, the number of banks joining the Network has grown to more than 30 institutions, with another 40 in active discussions to join, altogether representing a total network and pipeline of institutions with more than $10 trillion in combined assets.
The ABA's Premier Partner designation is reserved for organizations making a significant long-term commitment to advancing the banking industry and delivering value to ABA member institutions. Through the relationship, Cari will work alongside ABA to engage banks on the emerging role of tokenized deposits and digital money infrastructure.
"Cari was founded on a simple belief: as money becomes increasingly digital, banks should continue to play the central role in issuing it, governing it, and serving the customers who rely on it," said Cari Founder and CEO Gene Ludwig. "As an ABA Premier Partner, we look forward to working with banks across the country to help build the infrastructure that ensures bank-issued digital money remains secure, trusted, and broadly accessible."
As digital assets reshape how money moves globally, Cari gives regulated U.S. banks a compliant pathway to modernize payments and remain competitive, keeping deposits in the banking system, strengthening customer relationships, and enabling banks to share in the Network’s financial success. The Network operates on a permissioned, private blockchain, where participating institutions control access, governance, and transaction activity while enabling the real-time issuance, transfer, and redemption of tokenized deposits.
"We're pleased to welcome Cari as an ABA Premier Partner and look forward to working together to help banks navigate the evolving digital payments landscape," said Russell Davis, Executive Vice President, Member Experience, ABA. "As financial institutions continue to explore innovations like tokenized deposits and other emerging forms of digital money, partnerships with organizations like Cari provide our members with opportunities to learn about emerging technologies and how they can support the future of banking."
This announcement comes as Cari prepares to launch its pilot with six design partner banks—First Horizon, Huntington, KeyBank, M&T Bank, Old National Bank, and SouthState Bank—marking an important step toward the Network’s production launch later this year.
“Through our correspondent banking platform, SouthState supports more than 1,300 financial institutions nationwide and understands the importance of delivering innovative solutions that are both scalable and practical to adopt," said Steve Young, Chief Strategy Officer at SouthState Bank. "Cari's collaborative approach to tokenized deposits aligns with our vision of expanding access to modern payment infrastructure. SouthState will leverage the Cari Network to help connect financial institutions to next-generation capabilities for real-time settlement, liquidity management, and digital money movement."
"The future financial system will not be built by any single institution," Ludwig added. "It will require industry collaboration, shared governance, and a commitment to ensuring innovation strengthens—not fragments—the banking ecosystem. We are honored to work with ABA and our growing network of partner banks to advance that vision."
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 the American Bankers Association
The American Bankers Association is the voice of the nation’s $25.1 trillion banking industry, which is composed of small, regional and large banks that together employ over 2 million people, safeguard $19.7 trillion in deposits and extend $13.2 trillion in loans.
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Contacts
Gina Simpson
gina@cari.com
(773) 733-8336