The system settles tokenised assets in central bank money
The ECB has launched Pontes, a system enabling financial institutions to settle wholesale transactions in tokenised assets using central bank money. The launch forms part of the Eurosystem’s strategy for tokenised finance.
Pontes initially offers an essential set of services. Full implementation is planned by 2028, while services and operating hours will gradually expand and further participants will join the system.
The ECB presents Pontes as an alternative to private settlement assets, such as stablecoins. According to the institution, tokenisation can make wholesale transactions faster and more efficient by bringing issuance, trading, settlement, custody and services onto the same platform, while enabling automation through smart contracts.
The project builds on the Eurosystem’s 2024 trials for settling DLT-based transactions in central bank money. The ECB reported that participants considered access to a risk-free settlement asset important for wider adoption of tokenised finance. The Eurosystem is also developing Appia, a complementary initiative for an integrated ecosystem of DLT-based financial services, with a project planned by 2028.
