ECB Executive Board Member Piero Cipollone presented a strategic roadmap for the integration of tokenisation within the Eurosystem, emphasizing the transition from experimentation to early adoption. A key milestone was noted with the launch of Pontes on 21 September 2026, which enables distributed ledger technology (DLT) transactions to be settled in euro central bank money.
The Eurosystem has also expanded its collateral framework to accommodate digital assets. Since March 2026, DLT-based assets issued in central securities depositories (CSDs) have been eligible for mobilization as collateral in Eurosystem credit operations. This move aims to provide a monetary anchor and ensure autonomy within the evolving DLT ecosystem.
Regarding market infrastructure, Cipollone noted that European CSDs have already introduced services for DLT-issued securities that function alongside existing traditional infrastructures. The presentation also highlighted international trends, such as the SEC staff no-action relief in December 2025, which allows the DTCC to tokenise existing securities for a three-year period.
The Eurosystem's strategy involves a public-private partnership where the public sector provides a framework for trust while the market provides innovation. While Pontes is currently live and undergoing development based on user feedback, the next major phase, Appia, is in the co-design stage. Market participants will be invited to contribute to the practical work and joint design of the Appia blueprint starting in 2027, with a formal blueprint expected by 2028.
Under the existing EU DLT Pilot Regime, several flexibilities are available, such as the ability to record securities directly on DLT without book-entry and the possibility of vertical integration by combining exchange and post-trade processing into a single venue. The Eurosystem continues to engage with stakeholders through joint work on European standards and public consultations to scale the market safely.