Core Insights - Cari Network has selected ZKsync's Prividium to create a bank-governed tokenized deposit network aimed at US regional and mid-sized banks [1][2] - The initiative comes amid ongoing discussions in the US Congress regarding stablecoin regulations, particularly the GENIUS Act, as nonbank stablecoin issuers challenge traditional banking roles [3][4] Group 1: Network Development - The tokenized deposit network has been in development since February, with five banks participating: Huntington Bancshares, First Horizon, M&T Bank, KeyCorp, and Old National Bancorp [4] - The Mid-Size Bank Coalition of America supports the initiative, emphasizing the importance of keeping deposits within regulated institutions for small business lending and local economies [4] Group 2: Operational Framework - The platform, built on ZKsync and Ethereum, allows banks to issue and manage tokenized deposits while keeping them as bank liabilities on their balance sheets [2][5] - The pilot rollout is scheduled for Q3 2026, with full network availability expected in Q4 2026 [5] Group 3: Strategic Positioning - ZKsync aims to enable mid-sized banks to lead the transition to digital money rather than being displaced by it, as highlighted by ZKsync CEO Alex Gluchowski [7] - The partnership represents a strategic shift for ZKsync, which has experienced a significant decline in public network usage, with transactions dropping approximately 90% in 2025 [7] Group 4: Compliance and Security - The architecture of the tokenized deposits is designed to meet US banking privacy and supervisory standards, ensuring data protection and audit trails [8] - Unlike stablecoins from nonbank entities, Cari's tokenized deposits are FDIC-insured and recorded on the issuing bank's balance sheet, which may be crucial as regulatory frameworks evolve [10]

RT BSCN (@BSCNews)⚡️ JUST IN: FIVE U.S. REGIONAL BANKS BUILD TOKENIZED DEPOSIT NETWORK ON ZKSYNC'S PRIVIDIUMThe Cari Network has officially selected @ZKsync's Prividium as its blockchain infrastructure to power bank-grade tokenized deposits.Designated partner banks include @Huntington_Ban,@FirstHorizonBnk, @MandT_Bank, @keybank, @Old_National, with deposits remaining on bank balance sheets and fully FDIC-insured.The network enables instant 24/7/365 settlement while anchoring to Ethereum for broader digital ...

Q1 2026 Conference Call March 4, 2026 NASDAQ: VBNK | TSX: VBNK Dial-In to Ask Questions For those wishing to ask questions during the Q&A, please access today's call through the telephone dial-in: Toll-free: 1-888-699-1199 (Canada/US) Local: 416-945-7677 Advisory The Bank occasionally makes forward-looking statements about its objectives, operations and targeted financial results. These statements may be written or verbal and may be included in such things as press releases, corporate presentations, annual ...

Group 1 - Barclays is developing a blockchain platform for stablecoin payments and tokenized deposits, with plans to collaborate with technology suppliers starting in April [1][2] - The initiative is part of a broader trend among major banks exploring blockchain technology to enhance traditional banking systems [3] - A tokenized deposit network involving five banks and Cari Network is expected to launch in Q4, indicating growing interest in digital asset technology [4][8] Group 2 - The project aims to support programmable, on-chain cash for institutional market structures, with participation from various financial institutions and digital natives [9] - Research indicates that blockchain technology is transitioning from experimental phases to becoming integral infrastructure for financial institutions [10] - Integration of blockchain into existing financial systems is emphasized, aiming to create a continuous, on-demand ecosystem for clients [11]

Group 1 - Barclays is developing a blockchain platform for stablecoin payments and tokenized deposits, with plans to collaborate with technology suppliers starting in April [1][2] - The initiative is part of a broader trend among major banks exploring blockchain technology to enhance traditional banking systems [3] - A tokenized deposit network involving five banks and Cari Network is expected to be operational by Q4, indicating a growing interest in digital asset technology [4][8] Group 2 - The project aims to support programmable, on-chain cash for institutional market structures, with participation from various financial institutions and digital natives [9] - Research indicates that blockchain technology is transitioning from experimental phases to becoming integral infrastructure for financial institutions, facilitating real-time value movement [10] - Integration of blockchain into existing financial systems is emphasized, rather than outright replacement, highlighting the potential for a 24/7 operational ecosystem [11]

Financial Performance - Barclays achieved a return on tangible equity (RoTE) of 11.3% and top-line income grew by 9% year-on-year to GBP 29.1 billion [2][3] - The cost-income ratio improved to 61%, and the group loan loss rate was 52 basis points, within the guidance of 50-60 basis points [2][3] - The CET1 ratio ended the year at 14.3%, with a capital generation of 173 basis points from profits [7][10] Business Lines and Key Metrics - The group plans to maintain broadly stable Investment Bank RWAs at around GBP 200 billion, with expectations of more than 5% loan growth annually to 2028 [5][6] - Structural hedge income increased by GBP 1.2 billion to GBP 5.9 billion, contributing 46% of 2025 group NII, excluding the Investment Bank [12][13] Market Data and Key Metrics - The deposit base increased by GBP 25 billion across customer segments, with strong corporate growth in the International Corporate Bank and improved market share in the UK Corporate Bank [12][13] - The average liquidity coverage ratio (LCR) was 170%, representing GBP 131 billion in excess of regulatory requirements [12] Company Strategy and Industry Competition - Barclays is focused on sustainable higher returns, simplifying processes, and exiting non-strategic businesses while prioritizing growth in high-returning UK businesses [3][4] - The company is exploring digital assets and tokenization to enhance client services and is actively engaged in the UK industry innovation [14][15] Management's Comments on Operating Environment and Future Outlook - Management is confident in delivering Group RoTE greater than 12% in 2026 and more than 14% in 2028, supported by stable income streams and planned efficiency savings [4][6] - The company emphasizes a disciplined capital allocation strategy, prioritizing regulatory capital, shareholder distributions, and selective investments [6][10] Other Important Information - Barclays is participating in the Sterling Tokenized Deposits pilot phase, aiming to bridge traditional and tokenized deposits [15] - The company is focused on maintaining robust capital ratios and has a light capital redemption profile for the year [11][12] Q&A Session Summary Question: Inorganic Growth Opportunities - Management highlighted recent transactions that align with their strategy, focusing on clear strategic fit, price, and avoiding complicated integrations [21][22][23] Question: Structural Hedge Balances - Management confirmed they are rolling 100% of hedgeable balances and are focused on protecting those through client propositions and technology [25][26] Question: SRT Constraints - Management views SRT as a risk management tool and focuses on maintaining appropriate hedge ratios across the portfolio [26][27] Question: Tier 2 Issuance - Management indicated that while they have a Tier 2 call coming up, they expect limited issuance activity [31][34] Question: Ratings and Upgrades - Management expressed optimism about potential ratings upgrades, emphasizing improved credit profiles and ongoing dialogue with rating agencies [32][35] Question: Private Credit Exposure - Management confirmed a disciplined approach to private credit, focusing on top managers and ensuring valuation rights [54][56]

Core Insights - Banks are competing with stablecoins not just on speed but also on legal certainty, as tokenized deposits are subject to regulatory frameworks that provide clarity on capital requirements and deposit insurance [1] - Tokenized deposits do not create new money but rather repackage existing deposits, maintaining the claim structure while evolving the settlement and programmability layer [2] - The migration of value transfer beyond regulated balance sheets has significant structural consequences, leading to liquidity pooling in parallel structures governed by disclosure rather than capital rules [3] Tokenized Deposits vs. Stablecoins - Stablecoins are privately issued settlement assets that exist outside the regulatory frameworks applicable to banks, which raises concerns about consumer protection and operational resilience [4] - The initial dominance of stablecoins was due to their ability to facilitate value transfer on digital rails, highlighting the limitations of traditional banking systems [5] - Banks are now advancing tokenized deposits to regain control over money creation and regulatory alignment, positioning them as an evolution of traditional deposits rather than a replacement [11] Consumer Protection and Risk Management - Stablecoins place the burden of assessing issuer credibility and reserve quality on users, while tokenized deposits inherit consumer protection from existing banking laws [9] - The difference in liability quality between digital forms of money is crucial for advisors in determining suitability for clients [10] Future of Digital Money - The convergence of blockchain technology with bank money is seen as a strategic response to the challenges posed by stablecoins, allowing banks to maintain control while leveraging technological advancements [12] - The ongoing shift in narrative positions stablecoins as infrastructure for settlement and programmable money, rather than speculative assets [13][22] - The future of financial systems is expected to be fully digitized, with stablecoins, tokenized deposits, and central bank digital currencies all contributing to a more efficient global economy [24] Regulatory Landscape - Significant regulatory clarifications and formal adoption pathways for stablecoins and tokenized deposits are anticipated by 2026, as they are recognized as upgrades to financial infrastructure [17] - The U.K. government aims to position itself as a global hub for digital assets, expecting banks to treat crypto businesses fairly [25]

Core Insights - BNY has launched a tokenized deposit capability on its Digital Assets platform, enabling near-real-time settlement for institutional clients' cash balances on a private blockchain [1][4] - The service initially focuses on collateral and margin workflows, aiming to reduce settlement frictions and support an always-on operating model [5][6] - Other major financial institutions, including BlackRock and Standard Chartered, are also exploring tokenization, indicating a growing trend in the financial industry [7][8] Company Developments - BNY's tokenized deposits create on-chain digital book entries that correspond 1:1 to clients' existing demand deposit claims, recorded on a private, permissioned blockchain [3] - The system allows participating institutions to transfer mirrored balances on-chain in near real-time, facilitating quick responses to margin calls [4][5] - BNY's Chief Product and Innovation Officer emphasized the company's commitment to innovating cash movement in the modern financial system [6] Industry Trends - The financial industry is increasingly focused on tokenization, with BlackRock planning to tokenize over $4.1 trillion in traditional products [7] - The trend towards tokenization has been significantly influenced by the development of Real World Assets (RWA) in 2025, leading to explosive growth in real-world use cases [8] - The announcements from various financial institutions suggest that tokenization technology will continue to be a prominent trend in 2026 [8]

Core Viewpoint - BNY, the world's largest custodian bank, is set to issue digital representations of customer deposits on the blockchain, marking a significant step in enhancing its digital cash capabilities [1] Group 1: Digital Asset Initiatives - BNY's tokenized deposits will serve as digital book entries that clients can withdraw through traditional means, initially focusing on collateral and margin applications [2] - The introduction of tokenized deposits aims to reduce settlement friction and improve liquidity efficiency, showcasing how traditional financial institutions are integrating digital assets into their operations [3] Group 2: Institutional Trust and Scale - BNY has safeguarded $57.8 trillion in assets for clients as of September and manages $2.1 trillion in assets, emphasizing the trusted nature of its banking services [4] - The bank's digital infrastructure will include a tokenized money-market fund in collaboration with Goldman Sachs, further solidifying its position in the digital finance landscape [4] Group 3: Industry Response and Collaboration - The formation of BNY's digital assets unit in 2021 led to the management of private keys and the launch of custody services for Bitcoin and Ethereum [5] - Statements from various crypto-native firms, including Anchorage Digital and Circle, highlight the significance of BNY's move towards tokenized deposits as a milestone for digital cash adoption [6]

Group 1 - Barclays has acquired a stake in Ubyx, a U.S. startup focused on stablecoin settlement, emphasizing the importance of interoperability for digital assets [1] - Ubyx, founded by former Citi executive Tony McLaughlin, aims to create a clearing system for stablecoins and tokenized deposits, allowing deposits from various issuers and currencies into bank and fintech accounts [2] - The startup's goal is to help stablecoins achieve "cash equivalent status" to promote mainstream corporate adoption [2] Group 2 - McLaughlin envisions stablecoins addressing all payment use cases, contingent on seamless on- and off-ramping for banks and fintechs, predicting a "pluralistic market structure" with interconnected issuers and currencies [3] - Ubyx previously raised $10 million in a seed round in July 2025, with investments from notable firms including Galaxy Ventures and Coinbase Ventures [3] - The UK is advancing its stablecoin regulations, following the U.S. GENIUS Act, with proposed rules including caps on holdings for individuals and small businesses, indicating a shift towards practical integration of digital money [4]