Overview
Pontes is the Eurosystem’s DLT settlement platform linking market distributed ledgers with TARGET Services, enabling wholesale tokenised asset transactions to settle in central bank money.
Key Features
- Dual settlement model: Cash tokens on Eurosystem DLT platform or settlement in T2 RTGS
- Hash-Link protocol: Delivery-versus-payment (DvP) across platforms
- Settlement finality: Legal certainty via T2 completion for cash leg
- Wholesale scope: Banks and institutional markets — distinct from retail digital-euro
Recent Developments
- 2026-09-21: Operational launch — first step in Eurosystem tokenised finance strategy (2026-09-21-eurosystem-pontes-tokenised-finance)
- Initial participants: Deutsche Bank, Santander, Société Générale, KfW, EIB, Clearstream
- Full enhanced features and extended hours expected by 2028
- Complementary appia-blueprint work continues through 2028
- ECB preparing to invest small portion of own funds in tokenised euro-area public-sector securities via Pontes
Related
- european-central-bank
- cbdc
- digital-euro
- tokenised-finance
- appia-blueprint
- stablecoin
- payment-infrastructure