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Following欧洲央行推出Pontes平台，推动传统金融上链
欧洲中央银行（ECB）正通过推出Pontes这一新平台，将传统金融带入区块链领域。该平台直接将欧洲央行的TARGET结算系统与基于区块链的金融市场连接起来。这项基础设施允许银行及其他金融机构使用欧元央行资金结算代币化批发交易，为机构提供了一种替代私人稳定币和商业银行存款的链上结算方案。
Pontes最初仅在营业日的中欧时间上午8点至下午4点运行，但欧洲央行计划将其运营时间延长至22.5小时，并计划在2028年中之前实现全天候24/7运营。目前，德意志银行、桑坦德银行以及清算所Clearstream已完成接入准备。除了结算功能外，Pontes还旨在自动化资产生命周期的部分环节，有望将交易执行、发行、清算和结算整合为一个更 streamlined 的基于分类账的流程。
随着欧洲央行Pontes平台的正式上线，银行现在可以使用央行资金结算代币化证券交易。欧洲央行行长拉加德再次呼吁推出数字欧元，以与稳定币竞争，对此笔者持保留态度。
Pontes：连接传统金融与区块链的桥梁
Pontes充当着连接外部分布式账本与欧洲体系现有TARGET基础设施的互操作性桥梁，而非直接将央行货币移至区块链上。瑞士的Project Helvetia则采取更为集成的模式，在SIX Digital Exchange上直接发行批发型央行数字货币，同时与传统瑞士支付系统保持联系。在英国，英格兰银行的数字证券沙盒更侧重于测试代币化证券如何在受监管的市场中运作，包括使用批准的英镑RTGS资金以及在特定条件下使用受监管的稳定币进行结算。
这些差异展示了全球范围内对开发代币化金融市场基础设施的推动。在美国，Regulated Liability Network正在探索一种共享分类账，可能将商业银行存款和央行准备金纳入同一网络，而不是依赖直接的批发型央行数字货币模型。新加坡则通过Project Guardian采取了另一种方法，与金融机构合作测试代币化资产、机构DeFi和自动化市场。这些项目指向一个碎片化但日益活跃的市场，各国央行和监管机构正在测试将传统货币与基于区块链的资产连接的不同方式。
市场反应与战略意义
The ECB's news about tokenization has attracted the attention of the financial and crypto communities. The bank previously shared the views of Executive Committee member Isabel Schnabel, who pointed out that tokenization could "promote European integration" and improve the effectiveness of monetary policy implementation. European Central Bank President Christine Lagarde also sees the release as a step aimed at allowing banks to conduct transactions faster and less friction through distributed ledger technology.
Accounts in the financial and crypto space focus mainly on their potential impact on institutional clearing and real-world assets. Global Banking & Finance Review described the move as "a critical step towards transparency and faster settlements," while BSC News highlighted Pontes as a framework that allows banks to settle large financial assets via blockchain networks. BSC News also pointed out the potential role of the platform in supporting tokenized atomic settlement of real-world assets.
The release also sparked discussions about the ECB's centralized approach to blockchain infrastructure. Some commentators have compared Pontes to the Swiss model, which uses third-party digital market infrastructure to process wholesale central bank currency. Others focused on the governance issues posed by bringing central bank reserves into distributed ledgers, particularly who controls access and how to respond to emergency interventions. These reactions add a touch of caution to most of the positive discussions surrounding the ECB's entry into blockchain-based financial infrastructure.
此次发布也是欧洲央行更广泛努力的一部分，旨在开发代币化金融的欧洲基础设施。该行计划将其230亿欧元自用基金的一小部分投资于由公共机构发行的、评级较高且以欧元计价的区块链债券，从而对该技术获得实际 exposure。Pontes将与Appia并行运作，这是欧洲央行针对2028年推出的代币化金融生态系统的长期倡议。虽然Pontes专注于机构市场，但欧洲央行正在单独开发用于零售支付的数字欧元，目标可能在2029年推出。
