Piero Cipollone, a member of the ECB Executive Board, outlined a roadmap for integrating central bank money into distributed ledger technology platforms. The strategy aims to mitigate systemic risks and prevent market fragmentation by providing a risk-free settlement asset for digital finance.
The ECB strategy centers on two key initiatives. The Pontes project, scheduled to launch in September 2026, will connect commercial DLT platforms with Eurosystem TARGET services. The Appia initiative aims to establish a unified framework for tokenised financial markets by 2028.
Regarding the digital euro, the ECB proposes pilot testing in 2027. A potential first issuance is planned for 2029, provided that the necessary regulatory frameworks are adopted by late 2026. These efforts follow the implementation of the MiCA regulation for stablecoin issuers.
Cipollone emphasizes that tokenised central bank money is essential for maintaining effective monetary policy transmission. With wholesale settlement starting in 2026 and retail pilots in 2027, the eurozone is positioning itself to deploy digital infrastructure at scale.
