Cipollone sets out banks' role in tokenised finance
Pontes now settles distributed-ledger transactions in euro central bank money. European Central Bank (ECB) Executive Board member Piero Cipollone outlined opportunities for banks at the Italian Banking Association on October 21, 2026.
Central bank money anchors tokenisation
Pontes launched on September 21, 2026, enabling distributed ledger technology (DLT) transactions to settle in central bank money.
Since March 2026, eligible DLT assets issued in central securities depositories (CSDs) can serve as collateral in Eurosystem credit operations.
Cipollone cited lower issuance costs, broader capital-market access for smaller firms and fractional ownership.
Smart contracts enable all-or-nothing delivery versus payment, automated servicing and faster collateral movement with smaller liquidity buffers.
Shared ledgers reduce reconciliation needs and support round-the-clock transactions.
The Eurosystem seeks common standards and interoperable networks to prevent further fragmentation, support the savings and investments union and strengthen European strategic autonomy.
Pilot rules widen market access
Since March 2023, the EU DLT Pilot Regime has allowed tokenised settlement and recording without a CSD licence; its infrastructures can connect to Pontes.
Proposed rules add DLT notary and account-keeper roles.
European CSDs offer DLT securities services, and sovereign issuers show interest.
Eurogroup+ issued its digital-finance statement on July 9, 2026.
In December 2025, Securities and Exchange Commission staff granted three-year no-action relief allowing the Depository Trust & Clearing Corporation to tokenise existing securities.
Live settlement, shared design
Pontes supplies the settlement anchor; private firms provide innovative services.
User feedback will guide its development, while Appia brings banks into work on standards and ecosystem design.
Practical joint work starts in 2027, with the Appia blueprint due by 2028.