Full Breakdown
ECB launches Pontes, a settlement bridge for tokenised assets using central-bank money
By Drooid · · How we work
Pontes goes live
On September 21 2026 the European Central Bank (ECB) activated Pontes, a new Eurosystem infrastructure that links distributed-ledger-technology (DLT) platforms with the TARGET Services payment backbone. The system enables wholesale transactions in tokenised assets—such as bonds, shares and investment funds—to settle in central-bank money rather than in commercial-bank deposits or privately issued stablecoins. Access is limited to credit institutions, market infrastructures and DLT operators; retail users are excluded.
Background and context
The launch follows the Eurosystem’s 2024 experiments that used DLT for central-bank-money settlement. By providing a trusted cash leg, Pontes aims to remove a key barrier that has slowed blockchain-based trading. The initiative runs alongside the ECB’s separate digital-euro programme, which remains in a pilot phase slated for the second half of 2027.
Data and statistics
- Initial participants: Thirteen institutions, including Deutsche Bank, Santander, Société Générale, KfW and the European Investment Bank, plus four DLT operators—Clearstream, SWIAT, Cashlink and Axiology.
- Testing volume: More than €1.5 billion processed during the 2024 testing programme.
- Fees: At launch, Pontes charges EUR 2,500 per participant and EUR 15,000 per operator; no per-trade fee initially.
- Operating hours: 08:00 to 16:00 CET on TARGET business days, with a roadmap to extend hours in 2027 and achieve continuous, multi-currency settlement by mid-2028.
Official statements & responses
ECB President Christine Lagarde framed the launch as part of a broader effort to modernise Europe’s financial market: “The Eurosystem is working to enable a more integrated, innovative and resilient European financial market in the digital age.”
The ECB also announced preparatory work to invest a “small portion” of its own funds in tokenised euro-denominated public-sector debt, with purchases to be settled through Pontes. No specific amount or timing was disclosed.
Timeline
- May – November 2024: 64 participants conduct 50+ trials, processing >€1.5 bn.
- September 21 2026: Pontes goes live (launch roundtable in Frankfurt).
- September 15 2026 (scheduled): Call for expressions of interest from online and mobile merchants for the digital-euro pilot.
- October 6 2026 (scheduled): Information session for merchant applications.
- October 27 2026 (scheduled): Deadline for merchant applications.
- 2027: Planned extension of operating hours and start of a 12-month retail digital-euro pilot involving 36 payment-service providers.
- 2028: Target for continuous, multi-currency settlement and a full-function blueprint under the parallel Appia initiative.
Conflicting reports & gaps
- Operating-hour descriptions differ: some sources cite 09:00 to 16:00 CET, others 08:00 to 16:00 CET.
- Investment amount: Described only as a “small portion” with no disclosed figure.
- Fee structure: Only one source provides explicit onboarding fees; other outlets omit cost details.
Verbatim quotes
- “The Eurosystem is working to enable a more integrated, innovative and resilient European financial market in the digital age,” — ECB President Christine Lagarde
- “Pontes brings the stability and trust of central bank money to the European tokenised finance ecosystem,” — Piero Cipollone, ECB Executive Board member
- “Pontes brings tokenised markets another step closer to the core of the euro area's financial infrastructure,” — Richard Baker, founder and CEO of Tokenovate