The European Central Bank plans to invest part of its reserves in tokenized securities, including euro-denominated bonds, while using its new Pontes platform to settle wholesale tokenized transactions in central bank money.
The ECB said the initial investments would focus on securities issued by euro-area governments, regional authorities, agencies and European supranational institutions.
Pontes connects blockchain-based financial markets with the Eurosystem’s TARGET Services, giving eligible banks and market infrastructure providers a way to settle tokenized assets using central bank money. The initiative marks a further step in Europe’s push into blockchain-based financial markets.
Source: ecb.europa.eu
The ECB’s planned purchases will allow the central bank to test tokenized securities not only as a technology but also from the perspective of an investor. The central bank’s executive board will determine the size, timing and operational details of the investments after preparatory work is completed.
The decision will partly depend on how quickly the European market for tokenized securities develops. The ECB expects the initial focus to remain on euro-denominated securities issued by public-sector and European supranational institutions.
At the centre of the initiative is Pontes, the new Eurosystem platform for settling wholesale tokenized-asset transactions. The system connects distributed-ledger technology platforms with the Eurosystem’s TARGET Services.
In simple terms, Pontes provides the cash side of a blockchain-based financial transaction using central bank money. This is important because tokenized bonds, funds and other assets need a reliable settlement mechanism when they are bought or sold.
Today marks an important step for European finance.
With the launch of Pontes, we are providing the infrastructure for settling tokenised asset transactions in central bank money, supporting innovation and integration across Europe.
Read more https://t.co/5afCdHCA8z pic.twitter.com/HumFyC8ShU
— Christine Lagarde (@Lagarde) September 21, 2026
ECB President Christine Lagarde described Pontes as a way for banks to transact with each other using tokenized assets and distributed-ledger technology. Access is restricted to eligible financial institutions and market infrastructure providers.
For the evening video news, Pontes can be described simply as a bridge between blockchain-based financial markets and the ECB’s central-bank payment infrastructure. It allows eligible institutions to settle tokenized wholesale assets using central bank money rather than relying only on stablecoins or tokenized commercial-bank deposits.
Pontes is the first part of a wider Eurosystem strategy for bringing central bank money into tokenized finance. The ECB plans to add services and extend operating hours over time, with full implementation expected by 2028.
The initiative is separate from the retail digital euro project. The ECB selected 36 banks and payment firms for a one-year digital euro pilot in July. That pilot is expected to test online and offline transfers, in-store payments and e-commerce transactions.
The ECB has been examining the digital euro partly in response to the growing use of private dollar-backed stablecoins such as USDT and USDC. The central bank has expressed concerns about the implications of widespread private digital currencies for Europe’s monetary autonomy.
The Pontes project, however, is focused on wholesale financial markets rather than everyday consumer payments. Its immediate role is to provide a central-bank-money settlement option as European institutions increasingly experiment with tokenized financial assets.
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