ECB accepts DLT-issued assets as eligible Eurosystem collateral
The Eurosystem will accept marketable assets issued by central securities depositories (CSDs) using Distributed Ledger Technology (DLT) as eligible collateral for its credit operations from March 30, 2026. This decision reflects the Eurosystem's commitment to innovation and technological progress.
New collateral class from March 2026
From March 30, 2026, the Eurosystem will accept marketable assets issued by central securities depositories (CSDs) using DLT-based services as eligible collateral for its credit operations.
These assets must meet the Eurosystem's existing eligibility criteria and collateral management requirements, just like other marketable collateral.
Key criteria include availability for settlement in approved securities settlement systems that comply with the Central Securities Depositories Regulation (CSDR) and are reachable via TARGET2-Securities (T2S).
The assets will be mobilized as collateral in line with existing Eurosystem collateral management rules.
Phased approach to digital assets
The Eurosystem will continue to adapt its collateral framework and management rules to financial market technological advancements, supporting innovative solutions while upholding principles of sufficient collateral, safety, efficiency, and competitive equality.
An ambitious work plan is underway to examine how fully DLT-native assets, not deposited in approved securities settlement systems, could become eligible collateral.
A phased approach will integrate DLT-based assets into the monetary policy framework, considering market developments and legal and regulatory changes, including the DLT Pilot Regime and MiCAR.