ECB Launches Pontes Platform for Tokenized Asset Settlement

The European Central Bank launched the Pontes platform on September 21, 2026, enabling eurozone banks to settle trades of tokenized assets using central bank money rather than stablecoins. Christine Lagarde announced the initiative at a Eurogroup meeting on September 18, describing it as a digital euro made available to banks. The system connects distributed ledger technology platforms to TARGET Services, the Eurosystem's payment infrastructure.

Thirteen intermediaries, the Bundesbank, and four distributed ledger operators — including Deutsche Bank, Santander, Société Générale, and the European Investment Bank — form the initial user group. No Italian banks are participating at this stage. During a testing phase from May to November 2024, the ECB settled more than €1.5 billion in trades via the platform.

“digital euro made available to banks”

Pontes operates from 8 AM to 4 PM Central European Time, with plans for continuous operation by mid-2028. The launch coincides with ongoing legislative negotiations for a retail digital euro. The European Parliament confirmed its negotiating mandate on July 9, 2026, and trilogue talks with the Council and Commission began on July 13. A retail digital euro could launch in 2029 if the regulation is adopted this year, though individual holding limits remain unresolved.