{"id":420196,"date":"2026-02-19T14:12:11","date_gmt":"2026-02-19T08:42:11","guid":{"rendered":"https:\/\/dripp.zone\/news\/banks-target-q4-launch-for-tokenized-deposit-network-crypto-news-2\/"},"modified":"2026-02-19T15:51:43","modified_gmt":"2026-02-19T10:21:43","slug":"banks-target-q4-launch-for-tokenized-deposit-network-crypto-news-2","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/banks-target-q4-launch-for-tokenized-deposit-network-crypto-news-2\/","title":{"rendered":"Banks Target Q4 Launch for Tokenized Deposit Network – Crypto News"},"content":{"rendered":"

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A tokenized deposit network built by five banks and a blockchain-based platform led by former Comptroller of the Currency Gene Ludwig<\/a><\/u>\u00a0is expected to be available to the banks\u2019 customers in the fourth quarter, Bloomberg\u00a0reported<\/a><\/u> Wednesday (Feb. 18).<\/p>\n

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The launch will follow a pilot program that is set to be run in the third quarter, Ludwig said in the report. Ludwig leads the blockchain-based platform\u00a0Cari Network<\/a><\/u>.<\/p>\n

The five banks participating in the project are\u00a0First Horizon<\/a><\/u>,\u00a0Huntington Bancshares<\/a><\/u>,\u00a0KeyCorp<\/a><\/u>,\u00a0M&T Bank<\/a><\/u>\u00a0and\u00a0Old National Bancorp<\/a><\/u>, according to the report.<\/p>\n

The banks will initially use the network to move money only between their own customers. They could later connect the network with other networks, the report said.<\/p>\n

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Representatives of the banks told Bloomberg they are participating in the tokenized deposit network to be ready to offer their clients new products and services that become available, to explore ways to enable always-on settlement, and to allow fast, frictionless money movement.<\/p>\n

In a Wednesday\u00a0post<\/a><\/u> on LinkedIn that referenced the Bloomberg report, Ludwig said: \u201cInnovation in digital assets should strengthen, not displace, the regulated banking system. Tokenized deposits, built on sound blockchain infrastructure, can modernize payments while keeping insured deposits at the core of economic activity.\u201d<\/p>\n

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PYMNTS reported in October that tokenized deposits<\/a><\/u>\u00a0(or deposit tokens) are digital representations of a bank deposit, backed one-for-one by money on the bank\u2019s balance sheet, and issued via distributed ledger technology (DLT), also known as blockchain.<\/p>\n

In January, PYMNTS CEO Karen Webster wrote that\u00a0tokenized deposits<\/a><\/u>\u00a0will overtake stablecoins this year as the preferred on-chain dollar for institutional and wholesale money because banks will turn deposits into programmable infrastructure without breaking the existing financial system.<\/p>\n

When\u00a0BNY<\/a><\/u>\u00a0said in January that took the first step in its strategy to tokenize deposits,\u00a0Carolyn Weinberg<\/a><\/u>, chief product and innovation officer at BNY, said: \u201cTokenized deposits<\/a><\/u>\u00a0provide us with the opportunity to extend our trusted bank deposits onto digital rails, enabling clients to operate with greater speed across collateral, margin and payments, within a framework built for scale, resilience and regulatory alignment.\u201d<\/p>\n

Biswarup Chatterjee<\/a><\/u>, global head of partnerships and innovation, Citi Services at\u00a0Citi<\/a><\/u>, told PYMNTS in an interview posted Feb. 6: \u201cWithin the bank\u2019s network,\u00a0tokenized deposits<\/a><\/u>\u00a0are an efficient way for our clients to be able to get that 24\/7, always-on availability.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A tokenized deposit network built by five banks and a blockchain-based platform led by former Comptroller of the Currency Gene Ludwig\u00a0is expected to be available to the banks\u2019 customers in the fourth quarter, Bloomberg\u00a0reported Wednesday (Feb. 18). The launch will follow a pilot program that is set to be run in the third quarter, Ludwig […]<\/p>\n","protected":false},"author":2,"featured_media":420208,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-420196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/420196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=420196"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/420196\/revisions"}],"predecessor-version":[{"id":420209,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/420196\/revisions\/420209"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/420208"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=420196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=420196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=420196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}