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Tokenized deposits· Central bank money

Piero Cipollone: Pontes and Appia — unlocking opportunities for banks

In a presentation to the Italian Banking Association on 21 October 2026, ECB Executive Board member Piero Cipollone said DLT transactions can be settled in euro central bank money since Pontes launched on 21 September 2026, and that since March 2026 DLT-based assets issued in CSDs can be mobilised as eligible collateral in Eurosystem credit operations.

Cover: generative artwork from topic and jurisdiction. Not a depiction of any institution or product.Primary source: European Central Bank (ecb.europa.eu)
cryptobanking.news Editorial · AI-assisted, source-verifiedT1RegulatorEU

Key takeawaysFact

  1. 1In a presentation to the Italian Banking Association on 21 October 2026, ECB Executive Board member Piero Cipollone said DLT transactions can be settled in euro central bank money since Pontes launched on 21 September 2026, and that since March 2026 DLT-based assets issued in CSDs can be mobilised as eligible collateral in Eurosystem credit operations.
  2. 2He said banks can take part by using Pontes and by co-designing the Appia ecosystem, with market participants invited from 2027 to contribute to the Appia blueprint, to be published by 2028.
  • Tokenized deposits
  • CBDC

Executive summaryFact

In a presentation to the Italian Banking Association on 21 October 2026, ECB Executive Board member Piero Cipollone said DLT transactions can be settled in euro central bank money since Pontes launched on 21 September 2026, and that since March 2026 DLT-based assets issued in CSDs can be mobilised as eligible collateral in Eurosystem credit operations. He said banks can take part by using Pontes and by co-designing the Appia ecosystem, with market participants invited from 2027 to contribute to the Appia blueprint, to be published by 2028.

Primary source: European Central Bank ↗

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.

— European Central Bank, verbatimString-matched against the live page 2026-10-24

Key factsFact

Event
Speech
Jurisdiction
EU
Source
European Central Bank
Source tier
Tier 1 · Regulator / central bank

Who is affectedFact

Banks, CSDs, issuers and other market participants in euro-area tokenised wholesale finance, including DLT Pilot Regime infrastructures that can connect to Pontes.

Key datesFact

  • Pontes launched: DLT transactions can be settled in euro central bank money
  • Cipollone presentation to the Italian Banking Association

On the regulatory timeline

More from the sourceFact

“Developing Pontes through use: Pontes is now live, and user experience and feedback will guide its further development.”

“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.”

“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.”

Verbatim from European Central Bank✓ string-matched against the live page 2026-10-24

Why it matters for banksAnalysis

The ECB is explicitly inviting banks to shape Pontes through live use and to join Appia work (contact group, standards, consultations), so euro-area banks' tokenisation teams have a defined channel to influence the settlement and collateral set-up they will operate under.

  • The presentation frames Pontes (settlement in central bank money), DLT collateral eligibility and Appia (an integrated ecosystem with common standards) as the Eurosystem's three areas of action in tokenised finance.
  • It lists the channels through which banks can engage with Appia: the Appia Contact Group, joint work on European standards, public consultations and focus sessions.
  • The slides note that DLT Pilot Regime infrastructures can connect to Pontes to settle in central bank money.

Editorial analysis based on the facts above and the sources below; not legal or investment advice.

What to watch next

  • Publication of the summary of feedback on the Appia roadmap, which the presentation says is to be published.
  • Calls for market participation in Appia practical work from 2027.

What remains uncertain

  • The source gives years (from 2027, by 2028) rather than calendar dates for Appia milestones.
  • The source is a slide presentation; it does not give participation criteria or volumes for Pontes.

Sources and evidence

Evidence types: how we classify sources.

Evidence

Confidence
High Primary source (regulator / official record); quote string-matched against the live page.
Quote verified
2026-10-24 05:51 UTC
Archived snapshot
SHA-256 c3e37f917f47510f… · fetched 2026-10-24 · Wayback Machine copy ↗
Source type
Primary European Central Bank ↗
Change log (1)
  1. 2026-10-24 Newsroom 2026-10-24 morning: ECB Cipollone 'Pontes and Appia: unlocking opportunities for banks' (21 Oct, ECB PDF, quotes verified); cbdc tracker entry; Appia b (47317a3)

Full evidence record · How we label confidence

AIAI-assisted: summary and analysis were drafted with AI from the primary source and are the editor’s responsibility. AI-drafted from the primary source; quote string-matched by scripts/verify.mjs. Methodology · Corrections · Report an error

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