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Following欧洲央行推出Pontes系统，为银行提供使用央行货币结算代币化证券的实时通道。德意志银行、桑坦德银行、法国兴业银行及欧洲投资银行已完成接入。欧洲央行计划将部分自有资金投入代币化证券，并通过Pontes进行结算。该系统预计于2028年全面投入运行，服务将逐步扩展。Pontes与面向零售的数字欧元项目相互独立。
Pontes系统的功能
欧洲央行（ECB）已正式启用名为“Pontes”的新系统。该系统允许银行利用央行货币结算代币化资产的交易。此次上线时间为2026年9月21日，标志着欧元区体系（Eurosystem）将代币化金融纳入其核心支付系统的第一步。
所谓代币化，是指将债券等资产转化为数字代币的过程。这些代币通常记录在分布式账本技术（DLT）上。Pontes的主要作用是将DLT市场平台与欧元区体系现有的TARGET结算服务相连接。这使得代币化证券交易可以使用央行货币而非私人资金完成结算。
Several banks said that obtaining such risk-free settlement assets had been a major obstacle facing the tokenization market. Before building Pontes, the eurozone system tested the concept in 2024. Currently, banking groups including Deutsche Bank, Banque Santander, Societe Generale and European Investment Bank have completed system access. In addition, DLT operators such as Clearstream, Axiology, Cashlink and SWIAT have also joined. It is expected that more banks and platforms will connect to the system in the coming months. Since its launch, the European Central Bank has not confirmed any completed real-time settlement cases.
European Central Bank President Christine Lagarde said the goal is to create more integrated and innovative European financial markets. She emphasized that as Pontes develops, the central bank will maintain close cooperation with the market. European Central Bank Executive Board member Piero Cipolene pointed out that Pontes introduced the stability of central bank currencies into Europe's tokenized financial system, which provides advantages for its future growth.
The ECB's own investment plan
The ECB is not only committed to building a settlement system, it is also ready to use it. The central bank plans to invest some of its own funds in tokenized securities, including euro-denominated bonds issued by eurozone governments, local governments, agencies and European institutions.
欧洲央行表示，此举旨在让其在新的基础设施上直接体验交易执行、结算、技术和投资组合管理。至于购买规模和具体时机，目前尚未公布。截至2025年底，欧洲央行的自有资金总额为231亿欧元，其中政府债务占投资组合的73%。这些资金独立于欧洲央行的货币政策持仓，其产生的收入有助于覆盖央行的运营成本。
Pontes初期仅提供有限的服务范围。欧洲央行计划随时间推移扩展功能和服务时间，预计将于2028年实现全面落地。
需要区分的是，Pontes与数字欧元项目相互独立。数字欧元主要面向消费者而非银行，欧洲央行计划于2027年下半年启动为期12个月的零售试点。该试点将涉及36家支付服务提供商、商户及央行工作人员。若新立法获批，数字欧元的首次发行可能定于2029年。
与此同时，代币化金融的更广泛工作仍在另一项名为Appia的计划下推进。该计划由欧元区体系、丹麦国家银行及其他利益相关方参与，预计将于2028年发布集成系统的蓝图。目前，Pontes下一步的重点在于实际应用。已完成接入的银行需在接下来几周内决定哪些交易通过该系统路由处理。
