Pontes launches central bank settlement for tokenised assets
The Eurosystem launched Pontes on September 21, 2026, enabling wholesale transactions in tokenised assets to settle in central bank money. The initial rollout connects thirteen commercial and development banks alongside four technology operators.
From trials to live ledger settlement
Pontes marks the first operational step in the Eurosystem’s strategy to adapt central bank money for digital networks.
The platform allows market participants to settle wholesale tokenised asset transactions using risk-free central bank money, expanding on trials conducted in 2024.
An initial group of institutions has completed onboarding, including Deutsche Bank, Santander, Société Générale, BayernLB, and the European Investment Bank.
Four market operators—Axiology, Cashlink, Clearstream, and SWIAT—are also connected, with Deutsche Bundesbank participating as a market participant.
“Pontes brings the stability and trust of central bank money to the European tokenised finance ecosystem,” Executive Board member Piero Cipollone said.
Gradual scaling toward full integration
The Eurosystem plans to expand Pontes gradually with enhanced features, longer operating hours, and broader asset coverage, targeting full implementation by 2028.
Work on an integrated framework continues under project Appia in collaboration with Danmarks Nationalbank and private sector participants.
That initiative focuses on analytical work and experimentation to deliver a comprehensive blueprint by 2028, aiming to unify asset lifecycles across European capital markets.
Foundation built, scale awaited
Pontes gives banks a secure anchor for wholesale tokenised settlement without relying on private stablecoins.
Yet commercial adoption will stall unless market makers generate meaningful secondary trading volumes.
Until the 2028 rollout harmonises fragmented platforms, the initiative remains an incremental testbed.