In a keynote speech, European Central Bank Executive Board member Piero Cipollone outlined the Eurosystem’s strategy to support Europe’s tokenised capital markets by enabling settlement in central bank money on distributed ledger technology (DLT) and by developing a longer-term blueprint for a European tokenised financial ecosystem. He argued that market scaling is being held back by fragmentation across DLT platforms and by the lack of a common, trusted on-chain settlement asset, and positioned Eurosystem initiatives as a way to provide a “settlement anchor” while supporting interoperability and legal clarity. The speech highlighted that European issuers have placed close to EUR 4 billion in DLT-based fixed-income instruments since 2021, and that the Eurosystem’s 2024 exploratory work covered 50 trials and experiments across nine jurisdictions involving roughly EUR 1.6 billion in transactions, with demand for settlement in central bank money. Pontes is presented as the near-term bridge between market DLT platforms and existing TARGET Services to allow tokenised-asset transactions to settle in central bank money, with planned enhancements including settlement finality on the Eurosystem DLT, 24/7 operation and smart-contract functionality. Appia is described as the longer-term programme, structured around six building blocks including technical standards and interoperability, collateral management, cross-border connectivity, and legal and regulatory foundations, alongside an assessment of whether the future ecosystem should rely on a single shared ledger, multiple interconnected networks, or a combination; Cipollone also reiterated the Eurosystem’s move to accept DLT-based assets as eligible collateral for credit operations from March 2026 for assets issued in central securities depositories. Pontes is scheduled to launch in the third quarter of 2026, while Appia aims to deliver a blueprint by 2028 through combined analytical and practical work with market participants, public sector partners and academia. An industry-wide public consultation was launched alongside the Appia roadmap published on 11 March to gather stakeholder input on each building block.
European Central Bank 2026-03-23
European Central Bank sets out Pontes launch in Q3 2026 and Appia roadmap to scale tokenised financial markets
European Central Bank Executive Board member Piero Cipollone detailed the Eurosystem’s strategy for Europe’s tokenised capital markets, emphasizing central bank money settlement on DLT and a European tokenised financial ecosystem blueprint. Cipollone addressed market fragmentation and the absence of a common on-chain settlement asset, highlighting Pontes and Appia as key programmes. Pontes will connect market DLT platforms with existing services by 2026, while Appia aims to provide a comprehensive blueprint by 2028, with public consultation ongoing.