The European Central Bank published a Macroprudential Bulletin article assessing the growth and use cases of tokenised assets and setting out the Eurosystem’s policy response aimed at supporting an integrated European digital capital market while safeguarding financial stability. A central operational goal is enabling the settlement of distributed ledger technology (DLT) asset transactions in central bank money by the end of the third quarter of 2026. The article notes that tokenised assets remain small relative to traditional markets but are expanding quickly, with tokenised assets on public blockchains estimated at €38 billion in February 2026 (up from €7.4 billion at the start of 2024) and limited evidence of secondary-market trading. It identifies four key enablers and barriers to scaling tokenisation: central bank money on chain, integration and interoperability across DLT networks, the development of deep secondary-market liquidity, and an adapted and harmonised regulatory framework. On the policy side, Pontes is intended to connect DLT market platforms with the Eurosystem’s TARGET Services to allow settlement in central bank money, while Appia aims to develop a blueprint for an integrated digital financial ecosystem by 2028, including work on network architecture choices, common standards and business rules. The article also highlights regulatory frictions linked to existing post-trade rules and legal fragmentation, and discusses lessons from the EU DLT Pilot Regime, including reliance on tokenised commercial bank money or e-money tokens for cash settlement and the mismatch between authorisation burdens and the pilot’s limited scale. Next steps highlighted include the initial launch of Pontes in the third quarter of 2026 and delivery of the Appia blueprint by 2028. The article also points to the Eurosystem’s March 2026 move to accept certain DLT-based collateral issued with central securities depositories for Eurosystem credit operations when mobilised through Target2-Securities and the Eurosystem Collateral Management System, alongside further work on whether and under what criteria other DLT-issued assets could become eligible in future.
European Central Bank 2026-04-01
European Central Bank outlines Eurosystem tokenisation response with Pontes central bank money settlement planned for Q3 2026 and Appia blueprint by 2028
The European Central Bank published a Macroprudential Bulletin article on the rapid growth of tokenised assets and the Eurosystem’s policy response to support an integrated European digital capital market while safeguarding financial stability. It outlines plans to enable settlement of distributed ledger technology asset transactions in central bank money via the Pontes project by the third quarter of 2026 and to develop an integrated digital financial ecosystem blueprint under Appia by 2028, addressing regulatory frictions and lessons from the European Union DLT Pilot Regime. The article also notes the Eurosystem’s March 2026 decision to accept certain DLT-based collateral for credit operations and ongoing work on potential eligibility of other DLT-issued assets.