UNITED STATES OF AMERICA —Regional and community lenders have taken a direct financial stake in the modernization of commercial payment rails by backing Cari LLC in a $32.5 million capital raise. The transaction represents the initial tranche of the entity's first external equity round, financed entirely by banking institutions, with Keefe, Bruyette & KBW offering advisory support. Participating investors include Cari's six core design partners—First Horizon Bank, Huntington Bank, KeyBank, M&T Bank, Old National Bank, and SouthState Bank—alongside additional financial entities such as Glacier Bank.
Cari LLC is a financial technology firm that builds bank-governed digital currency infrastructure designed to keep regulated deposit-taking institutions at the center of programmable money movement. Founded by former U.S. Comptroller of the Currency Gene Ludwig, the network provides shared architecture allowing participating banks to issue, transfer, and redeem tokenized deposits on-chain.
The investment reflects a strategic effort by mid-sized commercial lenders to gain direct exposure to tokenized asset infrastructure without building proprietary blockchain networks independently. Shared technical platforms reduce capital expenditure requirements for regional institutions while enabling them to compete against global megabanks and non-bank fintech entities. By maintaining traditional bank deposits as the underlying liquidity source, these institutions aim to preserve balance sheet stability and client relationships within standard regulatory frameworks.
The capital injection will accelerate the technical integration and operational expansion of Cari's network as it moves toward full commercial production. The platform's product suite enables pilot participants to execute the end-to-end operational lifecycle of tokenized deposits, including minting, transfer, and settlement capabilities. Network adoption has grown to encompass more than 30 participating financial institutions, with dozens more exploring integration, representing an aggregate institutional asset base exceeding $10 trillion.
