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BTC 欧洲央行启动试点：以自有资金投资代币化证券
欧洲中央银行（ECB）已开始着手将其部分自有资金投资于代币化证券，相关交易将通过其新推出的“Pontes”服务进行结算。周一发布的公告指出，此举旨在帮助欧洲央行“作为投资者积累实践经验，并建立在金融市场使用分布式账本技术（DLT）的制度性专业知识。”
获取全生命周期实操经验
欧洲央行在声明中表示：“随着基于DLT的新市场基础设施不断发展，代币化金融市场也在持续演进。通过直接投资，欧洲央行将获取涵盖完整投资生命周期的第一手经验，包括交易执行、结算、系统操作及投资组合管理等活动。”
初步购买将侧重于由欧元区政府、公共机构以及欧洲超国家机构发行的、以欧元计价的代币化证券。这些资产——即在分布式账本上发行或记录的常规证券（如债券）——将通过欧元体系的Pontes服务以央行货币进行结算。
资金来源与决策机制
这些投资将来源于欧洲央行的自有资金投资组合。该组合属于非货币政策投资组合，其产生的收入用于覆盖与其监管职责无关的运营费用。
The ECB has not disclosed the exact amount it plans to invest or a timetable for starting purchases. After the implementation preparations are completed, its executive board will determine specific operational details and schedules based on the development of tokenized issuance and the status of the broader tokenized financial ecosystem in Europe.
Pontes service: Adapting central bank currency to the digital age
Pontes is part of the euro system's strategy to "adapt central bank currency to the digital age". It will operate in parallel with Appia, which is committed to developing a blueprint for Europe's tokenized financial ecosystem.
"Pontes will enable market participants, including those involved in exploratory work, to further enhance their services, thereby supporting market development while maintaining the central bank's monetary anchoring role," the bank wrote in the filing.
The ECB said Pontes will integrate three tested systems into a single service, allowing transactions to be settled via cash tokens or the euro system's T2 payment system. Its Hash-Link protocol will synchronize asset transfers and payments, while automated processing will reduce manual operations.
Industry Trends: Major global institutions accelerate deployment
Public and private institutions are advancing similar projects. In May this year, JPMorgan applied for a tokenized money market fund based on Ethereum. In June, New York Life Investment Management launched a tokenized bond fund. Just earlier this month, India launched a pilot project to use its wholesale digital currency to issue and settle tokenized corporate bonds.
