Cari has raised $32.5 million in the first tranche of its initial funding round, entirely from banks. Glacier Bank joined the six original design-partner banks: First Horizon, Huntington, KeyBank, M&T Bank, Old National and SouthState.

Cari runs a permissioned Layer 2 governed by its member banks, letting chartered institutions issue tokenized versions of their own commercial bank deposits, liabilities that stay on the bank's balance sheet rather than moving to an outside stablecoin issuer. The network already counts more than 30 committed banks representing over $10 trillion in combined assets, with roughly 40 more in talks. Cari reached a minimum viable product in March and delivered its full product suite in July, though it remains in pre-production.

The all-bank cap table is unusual for a crypto-adjacent startup and underlines Cari's pitch: give regional and community banks a way to move money on-chain, in real time and around the clock, without ceding control to third-party stablecoins. Full production is targeted for the end of 2026.

Partner Offers | Get Your Instant BTC Cashback | Your Gateway To Crypto | Arcus Private Whitelist