The Eurosystem has launched Pontes, introducing a new settlement bridge that allows wholesale tokenised-asset transactions to be completed using central-bank money.
The system connects market distributed ledger technology platforms with the Eurosystem’s TARGET Services, creating an institutional settlement layer for tokenised securities and other DLT-based financial transactions.
For trading and institutional markets, the significance lies in the settlement asset itself. Tokenised transactions can now be anchored to central-bank money rather than relying exclusively on private settlement instruments, reducing settlement-asset credit and liquidity risks associated with fragmented digital-market infrastructure.
Pontes launches with a group of financial institutions and market-infrastructure operators already onboarded, including Deutsche Bank, Santander, Société Générale, DekaBank, DZ Bank and the European Investment Bank. Clearstream and several DLT infrastructure providers are also participating.
The Eurosystem plans to expand the platform gradually with additional functionality and longer operating hours, with full implementation expected by 2028. Pontes forms part of a broader programme alongside Appia, which is focused on developing a longer-term blueprint for an integrated European tokenised financial ecosystem.
The ECB is also preparing to gain direct market experience by investing part of its own non-monetary-policy portfolio in tokenised securities. Those trades will settle through Pontes, providing the central bank with first-hand exposure to execution, settlement and portfolio management within tokenised markets.
For institutional traders and market infrastructure providers, the launch represents a shift from tokenisation trials toward live central-bank-backed settlement infrastructure in Europe.
