European Central Bank (ECB) Executive Board member Isabel Schnabel told the Jackson Hole Economic Policy Symposium that central bank reserves remain superior to stablecoins as the ultimate settlement asset, and that the ECB must put central bank money on a blockchain. Stablecoins, she argued, lack the independent capacity to rapidly expand liquidity during financial stress. Schnabel also said tokenization can make financial transactions quicker, safer and programmable, but only if central bank money operates on the same infrastructure as other tokenized assets. The ECB's Project Pontes is scheduled to launch in September 2026, initially connecting TARGET services with DLT platforms run by market participants. It will later enable settlement directly on DLT platforms within the Eurosystem and gradually incorporate smart contracts and around-the-clock operation. Project Appia, meanwhile, is tasked with designing the long-term architecture, technical standards and legal framework for Europe's tokenized asset market, targeting a full blueprint by 2028. According to Bitcoin.com News, Schnabel made the remarks at the Jackson Hole symposium.
European Central Bank (ECB) Executive Board member Isabel Schnabel said at the Jackson Hole Economic Policy Symposium that central bank reserves remain superior to stablecoins as the ultimate settlement asset, and that the ECB must put central bank money on a blockchain.
Stablecoins, she argued, lack the independent capacity to rapidly expand liquidity during periods of financial stress.
Tokenization can make financial transactions faster, safer and programmable, Schnabel said, but only if central bank money operates on the same infrastructure as other tokenized assets.
The ECB is advancing two projects. Project Pontes is scheduled to launch in September 2026. It will initially connect TARGET services with DLT platforms operated by market participants, and later support settlement directly on DLT platforms run within the Eurosystem. Smart contract functionality and round-the-clock operation are expected to be added gradually. Project Appia is responsible for developing the long-term architecture, technical standards and legal framework for Europe's tokenized asset market, with a complete blueprint expected by 2028.
According to Bitcoin.com News, Schnabel made the remarks at the Jackson Hole symposium.
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