Eurosystem

The European Central Bank plans to invest a small portion of its reserves in euro-denominated tokenized securities, marking a direct step into blockchain-based financial markets. Purchases will settle in central bank money through Pontes, a new Eurosystem platform expected to be fully implemented by 2028.

The European Central Bank has launched Pontes, a wholesale platform designed to connect distributed-ledger market infrastructure with Eurosystem payment rails. The system is aimed at eligible financial institutions settling tokenized assets in central-bank money, while the retail digital euro remains on a separate path.

European Central Bank officials are pushing back against fears that the digital euro could become a surveillance tool, arguing that the Eurosystem would be unable to connect users with their purchases. Civil society groups remain unconvinced, warning that privacy promises must be backed by technical safeguards rather than institutional assurances alone.