Europe's central banks now have a working bridge into tokenised markets. Launched on Monday, Pontes lets wholesale transactions in tokenised assets, meaning stocks, bonds and other instruments recorded as digital tokens on distributed ledgers, to settle in the safest form of money available — reserves held at the central bank itself. It matters because the absence of a risk-free settlement asset has been one of the main barriers holding blockchain technology back. Without it, tokenised trades have typically settled in commercial bank money or stablecoins, carrying credit risk that large institutions are reluctant to accept.
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