1 July 2025

• Short-term track (Pontes) to pilot link between distributed ledger technology platforms and TARGET Services by end-2026
• Long-term track (Appia) to shape future-ready, innovative, integrated financial ecosystems
• Initiatives will deliver on Eurosystem’s continuing commitment to safe, efficient settlement in central bank money

The ECB’s Governing Council has approved a plan that will enable settling distributed ledger technology (DLT) transactions using central bank money. The initiative follows a two-track approach: the first track “Pontes” provides a short-term offering to the market – including a pilot phase – and the second track “Appia” focuses on a potential long-term solution. The decision is in line with the Eurosystem’s commitment to supporting innovation without compromising on safety and efficiency in financial market infrastructures.

Pontes will offer a Eurosystem DLT-based solution, linking DLT platforms and TARGET Services to settle transactions…