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Pontes and Appia:
unlocking
opportunities for
banks
Italian Banking
Association
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21 October 2026
Piero Cipollone
Member of the ECB's Executive Board
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Settlement in euro central bank money is now available: since the launch of Pontes on 21
September 2026, distributed ledger technology (DLT) transactions can be settled in central bank money.
DLT-based assets are being integrated into the collateral framework: since March 2026, DLT-based
assets issued in central securities depositories (CSDs) can be mobilised as eligible collateral in
Eurosystem credit operations.
Interest from sovereign and supranational issuers is growing: engagement with European
sovereign issuers indicates significant interest in exploring tokenised issuance. Eurogroup+ issued a
statement on digital finance (9 July 2026).
Market infrastructures are adapting: European CSDs have launched services for DLT-issued
securities that operate alongside existing infrastructure.
The trend is not confined to Europe: SEC staff no-action relief (December 2025) allows DTCC to
tokenise existing securities for three years.
Tokenisation is moving from experimentation to early adoption 2
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Tokenisation covers the whole financial value chain (1/2) 3
Main benefits
24/7, seamless transactions
Automation through smart contracts
Synchronous exchange of assets
Single source of truth ≠ reconciliations
CCP CSD
Custodian BCustodian A
Sec.Cash
Shared/interconnected
ledger(s)
Investor/buyer Issuer/seller
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Tokenisation covers the whole financial value chain (2/2) 4
• Lower issuance costs: fewer
intermediaries and manual processes
• Wider SME access: easier entry to capital
markets, supporting the savings and
investments union (SIU)
• Fractional ownership: a broader investor
base
• Atomic delivery vs payment: asset and
cash exchanged in an all-or-nothing principle,
via smart contracts that are programmable
• Lower risk, shorter cycles: reduced
counterparty and settlement risk
• Safe settlement asset: anchored in central
bank money, via Pontes
Primary market Trading and post-trade
• Programmability: automated coupons,
redemptions and corporate actions, via
smart contracts
• Collateral mobility: faster, intraday, with
smaller liquidity buffers
Asset servicing and collateral
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Why the Eurosystem is taking action: integration, monetary anchor,
autonomy 5
Clearing
banks and
brokers
Issuers
Custodians
CSDs
DLT ECOSYSTEM WITH SHARED AND
INTEROPERABLE LEDGERS
Custodians
CSDs
Issuers
Interoperable DLT networks
based on European standards
CCPCCPs
ExchangeExchanges
Clearing
banks and
brokersCSD A
Issuer B Issuer C
CSD B CSD C
Local
custodian
Local
custodian
Local
custodian
Global
custodian
Investor
T2S
CURRENT ECOSYSTEM
Investor
Issuer A
• Higher costs, shallower and less liquid markets
• A key obstacle to the savings and investments
union (SIU)
• Tokenisation could add a new layer of
fragmentation
• Common standards and interoperable networks
• Central bank money as the safe settlement asset
• European strategic autonomy
• Opportunity: integrated European capital markets
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The Eurosystem acts as a catalyst for the market to innovate at scale 6
Core areas of action for the Eurosystem
Issuer of central bank money: offer a risk-free settlement
asset in tokenised wholesale finance, which complements
private settlement assets.
Provider of liquidity against collateral: tokenised assets
need to be eligible as collateral so they can be mobilised in
monetary policy operations.
Catalyst for an integrated ecosystem: supporting strategic
autonomy and a competitive, defragmented and innovative
payments and securities ecosystem through efficient
infrastructures and common market standards. 1 2 3
Appia
Pontes
DLT asset eligibility
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Offering tokenised services under the EU DLT Pilot Regime 7
EU DLT Pilot Regime (in force) EU DLT Pilot Regime (MISP* proposal)
DLT MTF
DLT Multilateral Trading
Facility
DLT SS
DLT Securities Settlement
System
DLT TSS
DLT Trading & Settlement
System
DLT Notary DLT Account Keeper/
Settlement scheme
Services Trading Settlement + recording Trading + settlement +
recording
Initial recording/central
maintenance function Settlement
Who can
operate
Investment firms (incl.
banks authorised to
provide investment
services), market
operators
CSDs Investment firms, market
operators, CSDs
Investment firms,
regulated markets, credit
institutions, CSDs, or
CASPs
Investment firms,
regulated markets, credit
institutions, CSDs, or
CASPs
Main
flexibilities
Investors can trade
directly on own account,
without an intermediary
(conditions apply).
Exemption from
transaction reporting.
Securities can be
recorded directly on DLT
without book-entry
(conditions apply).
Payment in central bank
money where available,
otherwise commercial
bank money or e-money
tokens
Full vertical integration,
combining exchange and
post-trade processing
into a single venue
Allows initial recording
(issuance on DLT) of
securities without CSD
licence
Allows settlement of
DLT-based securities
without CSD, DLT SS or
DLT TSS
• Since March 2023, a CSD licence is not required to settle and record tokenised securities
• Pilot Regime infrastructures can connect to Pontes to settle in central bank money
*Market integration and supervision package
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Complementary roles: the public sector provides the anchor for trust and necessary framework
for the market to scale up safely; it is then up to the market to provide innovative services.
Developing Pontes through use: Pontes is now live, and user experience and feedback will
guide its further development.
Co-designing the ecosystem with Appia: the Eurosystem engages with stakeholders, including
banks, through several channels:
• the Appia Contact Group
• joint work on European standards for the tokenised ecosystem
• public consultations, with a summary of feedback on the Appia roadmap to be published
• focus sessions to keep the wider market and general public informed
Looking ahead: from 2027, market participants will be invited to contribute to practical work and
joint design of the Appia blueprint, to be published by 2028.
How banks can take part in the public-private partnership 8
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Thank you