ECB to accept DLT-based assets as eligible Eurosystem collateral
The European Central Bank will accept marketable assets issued in central securities depositories using distributed ledger technology as eligible collateral for Eurosystem credit operations as of March 30, 2026.
New collateral, familiar rules
The Eurosystem's decision means that DLT-based marketable assets, when issued in central securities depositories (CSDs), will be treated like any other eligible collateral.
They must adhere to existing Eurosystem collateral eligibility criteria and collateral management requirements.
These criteria specifically include availability for settlement in eligible securities settlement systems, which must be compliant with the CSD Regulation and reachable via TARGET2-Securities (T2S).
The mobilisation of these assets as collateral will follow the Eurosystem's established practices, ensuring consistency, safety, and a level playing field within the collateral framework.
This integration reflects the Eurosystem's commitment to maintaining robust standards while embracing innovation.
Beyond CSDs: The digital roadmap
An ambitious work plan explores future eligibility for DLT assets not represented in eligible securities settlement systems.
A staggered approach is planned, allowing gradual eligibility for subsets of DLT-based assets.
This will consider market, legal, and regulatory developments, including the DLT Pilot Regime Regulation and MiCAR.
This commitment aims to foster innovation, enhance market efficiency, and integrate European capital markets.