BitGo and ZKsync build tokenized deposit rails on Prividium to bring banks onchain

$779B in combined assets across Huntington, KeyCorp, M&T, First Horizon, and Old National — and they picked a permissioned ZK chain with zero DeFi composability. This isn't banks "going onchain," it's banks building a parallel settlement layer that borrows ZK rollup tech to keep deposits FDIC-insured and off Circle's balance sheet. Q3 pilot timing lines up with the stablecoin bill moving through Congress — if that passes with bank-friendly provisions, Cari's tokenized deposits become the regulatory moat against USDC eating their float revenue.

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