The European Central Bank has launched a service called Pontes that links its payment system with blockchain-based financial markets, according to Reuters. The setup allows banks and investors to settle on-chain transactions using euros backed by the ECB, instead of relying on stablecoins or other privately issued forms of money. Reuters said the first participants include Deutsche Bank, Santander and clearing institution Clearstream. In its initial phase, the service will operate on working days from 8:00 to 16:00 Central European Time. The move centers on settlement infrastructure and gives participating institutions a way to use central bank-backed money in blockchain-based market activity through the ECB-connected payment framework.
The European Central Bank has launched Pontes, a service that connects its payment system with blockchain-based financial markets, according to Reuters.
The service lets banks and investors settle on-chain transactions using euros backed by the ECB rather than stablecoins or other private currencies.
The first institutions connected to the service include Deutsche Bank, Santander and clearing institution Clearstream. In its initial stage, Pontes will run on working days from 8:00 to 16:00 Central European Time.
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