Eurosystem launches Pontes to settle tokenised asset transactions in central bank money

The Eurosystem launched Pontes on 21 September 2026, making central bank money directly available for settling wholesale transactions in tokenised assets. The initiative is described as the first step in a broader strategic programme to adapt central bank money infrastructure to a tokenised financial environment, building on lessons from the Eurosystem’s 2024 distributed ledger technology (DLT) settlement tests, during which participants consistently identified access to a risk-free settlement asset as a prerequisite for broader adoption.

An initial cohort of thirteen market participants and four DLT operators has already completed onboarding and can begin using Pontes immediately. The participant list spans public development banks, commercial banks, and market infrastructure providers, including Deutsche Bank, Société Générale, Clearstream, the European Investment Bank, KfW, and the Deutsche Bundesbank in a market participant capacity. Additional institutions have committed to connecting in the coming months, suggesting the network is intended to expand incrementally rather than launch at full scale.

Pontes will offer a core service set initially, with enhanced features and extended operating hours introduced progressively, targeting full implementation by 2028. Separately, the Eurosystem is running a parallel initiative called Appia, involving Danmarks Nationalbank and public and private sector stakeholders, aimed at delivering a blueprint for an integrated DLT-based financial services ecosystem, also by 2028. For market participants evaluating whether to build tokenised issuance or trading infrastructure on European rails, Pontes resolves the settlement-asset gap that the 2024 tests identified as the central obstacle to scaling, though the gradual rollout means operators should expect a multi-year capability build rather than immediate full-service access.