US regional banks developing tokenized deposit network on zkSync

A group of U.S. regional banks is developing a tokenized deposit platform called Cari Network on the Ethereum (ETH) Layer 2 network zkSync, CoinDesk reported. The platform is designed to convert customer deposits into digital tokens, enabling them to be transferred freely between institutions without leaving the banking system. Banks participating in the development include Huntington Bancshares, First Horizon, M&T Bank, KeyCorp, and Old National Bancorp. The Mid-Size Bank Coalition of America has also expressed its support for the project.