De Nederlandsche Bank published a speech by Steven Maijoor to AFME’s OPTIC event in Amsterdam outlining how new technology could help address fragmentation in European financial markets, while stressing that adoption depends on both reliable public infrastructure and effective regulation and supervision. He highlighted distributed-ledger technology (DLT) as a potential catalyst for post-trade efficiency and urged market participants to align on concrete use cases. The speech pointed to the planned move to a T+1 settlement cycle in October 2027 as an example of technology-enabled market efficiency and flagged that DLT adoption would require a manageable transition, including answers on regulatory adaptation and system upgrades alongside other agendas such as ISO 20022 migration. It also referenced DNB’s participation with five Dutch market parties in European Central Bank trials for DLT-based securities settlement in central bank money, and the Eurosystem’s follow-on projects Pontes and Appia. Pontes is intended to link eligible DLT-based platforms to TARGET Services in the short term, with DLT-based settlement of digital assets envisaged as soon as Q4 2026 and integration into TARGET Services a couple of years later. Appia is intended to deliver a blueprint for a future-proof financial infrastructure in which central bank money remains a key settlement asset. DNB also indicated it is assessing whether to adjust collateral management frameworks for Eurosystem credit operations, including the potential to mobilise collateral in DLT arrangements. On stablecoins, Maijoor argued that trust depends on robust rules, noting reserve-management risks and citing a Moody’s report that the 25 largest fiat-backed stablecoins de-pegged more than 600 times in 2023. He said the EU has fully implemented Financial Stability Board guidelines through the Markets in Crypto-Assets Regulation (MiCAR), and expressed concern that many other jurisdictions have not, given the cross-border nature of stablecoins and the growth of USD-denominated issuance.
De Nederlandsche Bank 2025-10-07
De Nederlandsche Bank sets out support for Eurosystem DLT settlement projects and calls for strong stablecoin regulation to protect trust
De Nederlandsche Bank's Steven Maijoor emphasized at AFME’s OPTIC event that new technology, particularly distributed-ledger technology (DLT), could reduce fragmentation in European financial markets with reliable infrastructure and effective regulation. He highlighted the planned T+1 settlement cycle and DNB's involvement in ECB trials for DLT-based securities settlement as steps towards market efficiency. Maijoor also stressed the importance of robust rules for stablecoins, noting the EU's implementation of Financial Stability Board guidelines through the Markets in Crypto-Assets Regulation (MiCAR).