The European Central Bank published the 33rd issue of its Macroprudential Bulletin, dedicated to digital innovation and the shift of tokenisation and distributed ledger technology (DLT) from concept to early-scale deployment in European and global markets. The bulletin argues that tokenisation and DLT could support deeper, more integrated and more efficient EU capital markets, but that benefits are likely to be realised safely only if policy action keeps pace around trusted settlement in central bank money, a unified set of EU rules to avoid fragmentation, and a robust regulatory and macroprudential framework. The bulletin distinguishes between settlement assets (including retail and wholesale central bank digital currencies, tokenised deposits and stablecoins) and traded assets (tokenised traditional assets and unbacked crypto-assets). It assesses how stablecoins issued under the Markets in Crypto-Assets Regulation (MiCAR) might influence sovereign bond markets, and how MiCAR’s deposit requirements could act as both a shock absorber and a source of contagion to banks. It also reviews the state of tokenisation across selected asset classes, including tokenised bonds and tokenised money market funds, and notes that tokenised assets on public blockchains reached an estimated global market capitalisation of USD 45 billion by February 2026, up from USD 8.4 billion at the beginning of 2024. In describing the conditions for scaling, the bulletin points to ongoing Eurosystem work to enable new technologies for wholesale central bank money settlement, including Pontes, which aims to deliver a settlement solution by the end of the third quarter of 2026, as well as its investigation into accepting DLT-based assets as eligible Eurosystem collateral and the Appia initiative on designing a long-term approach for a tokenised European financial market.
European Central Bank 2026-04-13
European Central Bank Macroprudential Bulletin sets out policy priorities for safe scaling of tokenisation and distributed ledger technology
The European Central Bank’s 33rd Macroprudential Bulletin reviews the shift of tokenisation and distributed ledger technology from concept to early-scale deployment, highlighting potential benefits for deeper, more efficient EU capital markets, conditional on aligned policy, settlement in central bank money, and robust regulatory and macroprudential frameworks. It examines settlement models, traded asset types, the impact of MiCA‑compliant stablecoins on sovereign bond markets and banks, and notes tokenised assets on public blockchains reached a global market capitalisation of USD 45 billion by February 2026. The bulletin also details Eurosystem work on wholesale central bank money settlement, including the Pontes and Appia initiatives and potential eligibility of DLT‑based assets as Eurosystem collateral.