Observed Signal · Sep 21, 2026 · Policy Update · Source: Retail-News · Impact: 2/5 · Sentiment: Positive
ECB launches Pontes, prepares tokenized securities investments
The Eurosystem has launched Pontes, a new solution for settling tokenized assets in central bank money, enabling DLT-based transactions to be settled with a risk-free asset. The ECB also prepares its own investments in tokenized securities using a small portion of its own funds portfolio. These investments will be settled via Pontes, serving as a practical test. Initially, the ECB will focus on euro-denominated securities from public issuers such as euro area governments and European supranational institutions. The full rollout of Pontes is expected by 2028, part of a broader initiative to integrate digital finance infrastructure in Europe, including the Appia project with Danmarks Nationalbank.
Relevant to financial infrastructure and tokenization, but not directly within AdTech/MarTech; moderate impact on payment technology.
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Key Takeaways & Evidence Grounding
- The Eurosystem launched Pontes, a solution for settling tokenized assets in central bank money.
- The ECB is preparing its first investments in tokenized securities, using a small part of its own funds portfolio.
- Pontes will initially offer limited functionality, with full implementation planned by 2028.
- The Eurosystem works with Danmarks Nationalbank on the Appia initiative for a European DLT finance ecosystem.
- The pilot follows tests from 2024 that identified access to risk-free settlement assets as crucial for tokenized finance.
Ontology Mapping & Concepts
Related Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Axiology joins Pontes for DLT settlement in central bank money
Axiology, a Vilnius-based fintech, is among the first market infrastructures to integrate with Pontes, the Eurosystem's new service enabling DLT-based securities transactions to be settled in central bank money. The service, which went live earlier this month, connects DLT platforms with TARGET Services, allowing the cash leg of tokenised securities trades to settle in euros held at central banks. Axiology operates a regulated DLT Trading and Settlement System under the EU DLT Pilot Regime and holds a MiFID brokerage licence. The company has been working with the Bundesbank since its inception and tested the trigger solution in spring 2024. With Pontes, Axiology offers customers an alternative to stablecoins for settlement, addressing credit and liquidity risks associated with high-value payments. The company aims to expand its network of commercial banking partners across the EU and expects fixed income, particularly sovereign issuances in Germany and France, to be early use cases.
ECB seeks online retailers for digital euro pilot project
The European Central Bank (ECB) is advancing its digital euro project, now in a decisive phase as EU institutions begin trilogue negotiations on its fee model. The ECB is recruiting euro-area online and mobile merchants for a pilot starting in the second half of 2027, lasting twelve months, to test a beta version in realistic checkout scenarios. Applications close on October 27, 2026, with participation voluntary and unpaid. The core dispute involves merchant fees during a transition period, with Ecommerce Europe advocating for a simpler, predictable model and support for business-to-business payments. Selected merchants will be evaluated on market reach, operational readiness, and technical suitability, following the earlier selection of 36 payment service providers. The pilot's findings will inform technical development, but a final issuance decision awaits EU legislation, with technical readiness targeted by 2029.
EU Committee Agrees Framework for Digital Euro
The European Parliament’s Economic and Monetary Affairs Committee (Econ) approved a legislative package setting the framework for a digital euro, advancing the project toward trilogue talks with the European Commission and Council. The agreement clears the way for the European Central Bank (ECB) to proceed with a pilot and for final legislation to be adopted this year with a target introduction in 2029. The proposal enshrines privacy-by-design rules, an online and an offline CBDC option comparable to cash anonymity, a merchant acceptance obligation with limited exceptions, and a transitional cap on merchant fees for at least ten years. Distribution is planned via banks, e-money providers, post offices and regulated crypto custodians. Hold-limits for private wallets will be set within a Commission framework with the ECB defining details.
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