ECB Launches Pontes to Settle Tokenized Assets in Central Bank Money

The European Central Bank launched Pontes on Monday, September 21, 2026, a system enabling wholesale transactions in tokenized assets — stocks, bonds and other instruments recorded on distributed ledgers — to settle in central bank reserves rather than commercial bank money or stablecoins. Thirteen institutions have completed onboarding, including Deutsche Bank, Santander, Société Générale, KfW and the European Investment Bank, alongside four ledger operators including Clearstream. The ECB said it will also use the system itself, beginning preparatory work to invest a small portion of its own funds in euro-denominated tokenized debt issued by euro area governments, agencies and supranational institutions. No amount was specified. ECB President Christine Lagarde said the Eurosystem is working to enable a more integrated, innovative and resilient European financial market. Pontes will reach full capability, including longer operating hours, only by 2028. The US has moved faster on tokenized markets, with the NYSE building a blockchain-based trading venue and BlackRock running a tokenized money market fund since 2024.