Eurosystem Launches Tokenised Central Bank Money
The new Pontes platform facilitates the settlement of tokenised securities using central bank money.
Updated on Oct. 20, 2026 in Stock Markets
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The Eurosystem launched its Pontes platform in September 2026 to allow market participants to settle tokenised securities. This initiative follows extensive exploratory work conducted throughout 2024 with more than 60 participants.
Why it matters
Private sector actors requested a tokenised form of central bank money to help financial tokenisation scale effectively. The move is part of a broader strategy to increase European market integration and reduce operational costs.
The Eurosystem conducted exploratory work in 2024 involving more than 60 participants. The euro-denominated commercial paper market currently has approximately €300 billion in volume outstanding.
The players
Eurosystem
This entity comprises the European Central Bank and the national central banks of the member states that have adopted the euro.
Banque de France
As the central bank of France, it plays a key role in the Eurosystem and oversees the development of the Pythagore project.
Euroclear France
This firm is a major international central securities depository providing settlement and related services for cross-border transactions.
The details
Through the new Appia initiative, the Eurosystem aims to foster long-term development of tokenised financial markets. Additionally, the Pythagore project, set for December 2026, will utilize Euroclear's D-FMI platform to issue tokenised commercial paper via an interoperability link.
Timeline
Eurosystem conducted exploratory work with 60 participants in 2024.
Pontes went live for market participants in September 2026.
The Pythagore commercial paper project is scheduled to launch in December 2026.
Pontes is expected to reach its first milestone for 24/7 operations in 2028.
Market Dynamics
The Pontes platform aligns with the multi-currency efforts seen in Project Agorá, which involves eight currency areas and over 40 private banks to improve global transaction efficiency. This shift indicates a broader transition toward digital interoperability in international finance.
Institutional investors and market participants can expect increased efficiency in the settlement of tokenised commercial paper as these platforms scale. These structural changes to market infrastructure aim to reduce long-term costs for entities operating within the eurozone.
The takeaway
The deployment of the Pontes platform marks a significant move by central banks to provide the digital infrastructure required for modern financial tokenisation. Participants should monitor these developments as they prepare for the integration of 24/7 digital settlement operations by 2028.
What happens next
The Banque de France plans to release a summary of initiatives to help tokenisation scale within the coming weeks. The Pythagore project is scheduled for launch in December 2026.
Further reading
For more on the evolution of digital asset settlement, visit the Stock Markets section.
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