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FollowingThe European Central Bank launches the Pontes platform: Connecting the tokenized asset market to the payment infrastructure of the euro system
Pontes is a wholesale settlement platform designed to connect the tokenized asset market to the existing payment infrastructure of the euro system. The platform allows eligible tokenized securities transactions to be settled directly in central bank currency, which is the same settlement assets used for traditional wholesale euro payments, rather than relying on commercial bank currencies or private stablecoins.
Eliminate counterparty risks and establish central bank monetary advantage
Settlement through central bank currency eliminates the counterparty risk layer that exists in tokenized asset transactions due to commercial bank intermediaries. Since there is a risk of default on claims to commercial banks, while central bank currencies do not, this difference has become the core argument for central banks to advocate building their own wholesale settlement infrastructure for tokenized assets rather than delegating this function entirely to private stablecoins or commercial banks issuing tokens.
Initially limited bank-only participation to pave the way for pilot in 2027
Currently, Pontes is a bank-only system that is open only to eligible financial institutions and not to retail participants or non-bank cryptocurrency companies. The platform is positioned as groundwork and aims to prepare for the pilot phase planned for 2027.
这一时间表使Pontes与全球范围内更广泛的中央银行数字基础设施项目处于同一浪潮之中。在过去两年中，随着代币化证券市场规模的增长，结算效率已成为大型机构更为紧迫的运营关切，许多相关项目已从研究和设计阶段进入有限的实际运行阶段。
批发导向与零售数字欧元的区别
欧洲央行在Pontes上的重点在于金融机构之间的批发结算，而非零售数字欧元。后者是一项独立的、政治争议更多的倡议，目前仍在欧盟立法程序中推进。总体而言，像Pontes这样的批发结算平台面临的隐私和政治阻力较少，因为它们是在受监管的机构之间运作，而非直接与公众交互。
未来展望与国际趋势
Pontes能否超越其初期的“仅限银行”发布范围，将取决于其所服务金融机构的采用情况，以及平台在2027年试点开始后，面对更高交易量及复杂性的交易测试时的表现。截至目前，欧洲央行尚未披露参与平台最早期交易的具体机构名单。
Pontes是欧元体系探索中央银行基础设施如何适应代币化金融的一系列举措之一。这包括欧洲央行此前发布的关于代币化交易结算的研究成果，以及与欧元区各国央行合作进行的分布式账本实验。同期，日本银行和新加坡金融管理局等其他主要经济体的央行也开展了类似的批发结算项目，反映出一种更广泛的国际趋势：即各国央行正致力于构建兼容代币化的结算基础设施，而非将该职能完全留给私营部门平台。
