RWA & institutions · Europe
Eurosystem launches Pontes for tokenised asset settlement in central bank money
The Eurosystem launched Pontes on 21 September, enabling wholesale tokenised asset transactions to settle in central bank money. In a separate announcement, the ECB said it was preparing to invest a small share of its own funds in tokenised securities; the timing of those investments has yet to be decided.
Source published · 歐洲央行 / ECB ↗
The first participants have completed onboarding. Services and operating hours will expand gradually, with full implementation expected in 2028.
Money Notes analysis
Pontes settlement is live; ECB investment remains in preparation
For tokenised securities to become part of everyday institutional trading, issuance and trading systems need a reliable way to settle the cash leg. Pontes provides settlement in central bank money, addressing the demand for a safe settlement asset expressed during earlier Eurosystem trials. The first participants are connected; settlement values and transaction frequency will show how much they use the service.
The ECB’s investment plan focuses on securities: initial purchases will target euro-denominated issues from euro area public-sector and European supranational issuers, using a small share of its own funds. The timing remains undecided, and the portfolio is separate from monetary policy. Once purchases begin, the ECB will gain practical experience in trading, settlement and portfolio management—the operational work institutional investors face when adopting tokenised securities.