Global: Eurosystem unveils roadmap for tokenised wholesale financial markets

The European Central bank has unveiled Appia, it’s long-term initiative to shape the development of a European tokenised financial ecosystem using central bank money.

The Eurosystem’s strategy for providing tokenised wholesale central bank money rests on a two-track approach: Pontes and Appia. Pontes is the Eurosystem’s DLT platform that will be launched in the third quarter of 2026 to enable central bank money settlement for DLT-based transactions. Appia has a broader, longer-term perspective and will involve close cooperation with the market to explore how a wholesale financial ecosystem based on tokenisation and DLT could be designed.

The project follows a series of experiments on the use of distributed ledger technology (DLT) in wholesale financial markets. Sixty-four market participants took part in more than fifty trials, testing a broad range of use cases and technical approaches. In July 2025, the ECB’s Governing Council announced a plan to build on these findings and define a strategic way forward.

Piero Cipollone, member of the ECB’s Executive Board says the Eurosystem plans to crystallise its vision for this ecosystem in a blueprint to be published in 2028. In the meantime, the work under the Appia roadmap will inform and shape the delivery of tokenised market infrastructures and services both by the market and by the Eurosystem’s own Pontes offering, as it is gradually enhanced.

Says Cipollone: “With Appia, we are building a road from today’s financial system to tomorrow’s tokenised markets, firmly grounded in central bank money.”

The central bank is inviting feedback from stakeholders and expressions of interest in contributing to the forthcoming analytical and practical work.