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#11TokenisationPublished

Anchor.

If assets are tokenised, what money settles them?

ThenewB drawing #11, “Anchor”. Tokenised assets, then Pontes, linking the distributed ledger to TARGET, then central bank money. Caption: new rails, same money.

In ten seconds

On 21 September 2026, the ECB launched Pontes, which settles wholesale transactions in tokenised assets in central bank money by linking distributed ledgers to TARGET.

Signal

On 21 September 2026, the ECB launched Pontes, which settles wholesale transactions in tokenised assets in central bank money by linking distributed ledgers to TARGET.

Paradox

The rails change. The money stays the same, and that is what makes the new rails credible.

Implication

A tokenisation project must plan settlement from the design stage. For a Luxembourg player, access to Pontes will depend on infrastructure and partner choices.

Sources

  • ECB, 21 September 2026: launch of Pontes

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