ECB Delays Pontes Wholesale DLT Pilot Until Q3 2026, Industry Worried

HomeNews* The European Central Bank’s short-term DLT settlement pilot, Pontes, will launch no earlier than Q3 2026.

• Pontes aims to enable wholesale settlement of blockchain transactions using central bank money.
• The previous ECB DLT pilot processed $1.7 billion in settlements with 64 institutional participants.
• Alternative options such as stablecoins and tokenized deposits may be considered during the wait for central bank solutions.
• The long-term Appia project is expected to explore a wholesale central bank digital currency (CBDC) and international payments features. The European Central Bank (ECB) has scheduled the launch of its Pontes pilot, designed to support wholesale settlement of distributed ledger technology (DLT) transactions in central bank money, for the third quarter of 2026. This decision sets a two-year timeframe before the pilot becomes available to financial institutions interested in blockchain-based settlements.

• Advertisement - The announcement comes after the ECB’s previous DLT exploration, which involved 64 institutional participants and settled roughly $1.7 billion. Some participants had hoped the pilot would continue to prevent a slowdown in the pace of blockchain innovation in Europe.

According to the ECB, the Pontes platform is expected to use Germany’s Trigger solution, and potentially Italy’s Hashlink. The official details will follow with a formal announcement. Pontes, which means “bridges” in Latin, represents the short-term step, while a longer-term solution, Appia, is currently in the exploratory stage.

Appia, named after the ancient road, is widely expected to serve as the base for a wholesale CBDC—a central bank-issued digital currency focused on transactions between financial institutions. There are ongoing discussions about building a Europe-wide Unified Ledger that could support broader investment and savings programs in the region. Appia could also include international payment features.

With the delay before Pontes becomes available, market participants may seek other settlement routes. Many central banks, including the ECB, have expressed reluctance toward stablecoins, but the lack of an official central bank option might drive their temporary use. Institutions typically favor central bank money for transactions due to lower risk. Tokenized deposits—digital versions of bank deposits on blockchain—are also considered, but solutions are limited in Europe.

Other alternatives like Germany’s Commercial Bank Money Token or live multi-bank settlement systems like Fnality and Partior may be reviewed. Approval and integration, however, may take longer than the expected wait for the ECB’s own system.

The ECB is anticipated to release a report on the DLT settlement trials conducted over the past year. Until Pontes and Appia are in place, market players may continue to use currently available settlement tools.

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