Eurosystem Launches Pontes for Tokenised Finance Settlement

The Eurosystem launched a new solution called Pontes on 21 September 2026. It enables wholesale transactions involving tokenised assets to be settled using central bank money.

This initiative is the first under a broader strategic programme. The goal is to make central bank money suitable for a tokenised future and support the development of this fast-evolving financial ecosystem.

"The Eurosystem is working to enable a more integrated, innovative and resilient European financial market in the digital age," said Christine Lagarde, President of the European Central Bank. She added that progress would continue in close collaboration with the market.

Understanding Tokenisation and DLT

Tokenisation refers to the process of issuing or representing assets as digital tokens. These tokens are typically recorded on distributed ledger technology (DLT) networks. For wholesale financial markets, this technology could make transactions faster and more efficient.

It does this by bundling multiple steps of an asset's lifecycle. These steps include issuance, trading, settlement, custody, and servicing. The technology also enables automation and the development of innovative solutions through smart contracts.

Development and Features of Pontes

Pontes builds on the outcome of tests conducted by the Eurosystem in 2024. Those tests used DLT for central bank money settlement. Stakeholders from both public and private sectors indicated that access to a risk-free settlement asset was key for wider adoption of the new technology.

The solution will initially offer a core set of services. These services are planned to expand over time in line with market needs and technological developments. Enhanced features and longer operating hours will be introduced gradually. Full implementation is expected by 2028.

"Pontes brings the stability and trust of central bank money to the European tokenised finance ecosystem," said Piero Cipollone, a member of the ECB's Executive Board. It will give an important advantage to help it scale.

Market Adoption and Future Plans

Significant market interest in Pontes is already evident. An initial group of market participants and DLT operators has completed onboarding and is ready to start using the solution immediately. Additional participants are committed to connecting in the coming months.

This engagement shows confidence in the innovation's potential to position Europe at the forefront of transforming financial services. The Eurosystem stated it will support this transformation and continue to enhance Pontes based on evolving market needs.

Parallel development of an integrated ecosystem for DLT-based financial services continues under a project named Appia. This involves experimentation and analytical work by the Eurosystem, Danmarks Nationalbank, and stakeholders from public and private sectors. The goal is to deliver a blueprint by 2028.

The following institutions are listed as the initial market participants and DLT operators for Pontes: