ECB reports broad backing for Appia tokenisation roadmap while network design remains open

The European Central Bank (ECB) has published the Eurosystem’s Appia consultation report, showing broad support among 127 respondents for a European tokenised finance ecosystem anchored in central bank money. The findings reflect market views, not a Eurosystem preference on architecture, and design options remain open. Appia addresses the wider financial value chain beyond the settlement service already available through Pontes, which launched in September 2026, with a blueprint due by 2028. Respondents supported a neutral shared network layer, leaving commercial services to competing providers, but differed on settlement architecture. A single network for central bank money settlement could concentrate liquidity and reduce fragmentation, while increasing concentration and dependence on particular technologies. Multiple networks could accommodate diverse business models but require greater interoperability and risk fragmenting liquidity and collateral. Many respondents proposed a limited set of eligible networks subject to transparent criteria and common standards. Whether the Eurosystem can retain control over central bank money across multiple networks remains to be assessed. Respondents also called for harmonised EU legal frameworks and standards supporting interoperability with existing infrastructures and international connectivity. The Eurosystem plans to begin analytical and practical work with market participants before the end of 2026. It will call for stakeholders to contribute on three priority topics: tokenised deposits and payments, tokenised securities and shared network governance. A dedicated European standards group is also being established. More complex joint testing is planned for 2027, leading to delivery of the Appia blueprint by 2028.