U.S. Banks Launch Tokenized Deposit Network on ZKsync to Challenge Stablecoins Like USDT and USDC

A consortium of U.S. regional banks is developing a new tokenized deposit network on the ZKsync Era layer-2 blockchain. This initiative, led by the USDF Consortium, aims to provide a regulated, bank-led alternative to existing stablecoins such as Tether (USDT) and USD Coin (USDC). The network will allow member banks to issue digital tokens fully backed by customer deposits, enabling instant and programmable payments. This move represents a significant step for traditional finance into the blockchain space, leveraging ZKsync's zero-knowledge proof technology for scalability and privacy. The project seeks to bridge the gap between conventional banking and decentralized finance (DeFi), offering a compliant digital dollar solution.