Bridging services · run by Banca d'Italia
TIPS Hash-Link (Banca d'Italia)New
The Banca d'Italia's link between market DLT platforms and the Eurosystem's TARGET Services, one of the three solutions in the Eurosystem's 2024 wholesale DLT trials. The cash leg sits in accounts on a central bank payment system (a copy of TIPS) reached through an API gateway: a DvP is initialised there, the cash is held, and it is released or cancelled according to what happens to the asset leg on the market DLT. Cassa Depositi e Prestiti's EUR 25 million digital notes on Polygon settled their cash leg this way in July 2024. Its Hash-Link protocol was carried into Pontes. Only Polygon is listed: the TIPS copy is not recorded as a network.
How it works: Synchronised settlement · Trust: Single operator · Website
Networks supported 1
From the service's own documentation. Networks not yet in the register are left out.
Deployments using it 2
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| Cassa Depositi e Prestiti digital bond on Polygon (2024)New Cassa Depositi e Prestiti | Inactive | Reviewed 24d ago | ||
| Eurosystem exploratory work on wholesale DLT settlement in central bank moneyUpdated 28 Oct 2026 European Central Bank | Inactive | Reviewed 24d ago |
Sources
- [1]TIPS Hash-Link Service Description overview — ECB Focus Session — European Central Bank, 15 Dec 2023. Accessed 16 Oct 2026. Banca d'Italia deck: interoperability between a market DLT and a payment system via a DLT-agnostic API; protocol steps trade, DvP initialisation, payment, execution (cooperative or forced) and cancellation..A
- [2]Exploratory work on new technologies for wholesale central bank money settlement — European Central Bank. Accessed 16 Oct 2026. Settlement in accounts of a central bank-operated payment system (a copy of TIPS) via an API gateway..A
- [3]First issuance in Italy of a digital bond on blockchain — Banca d'Italia, 19 Jul 2024. Accessed 16 Oct 2026. In Italian; our summary is translated. TIPS Hash-Link is the Banca d'Italia's proposed solution for interoperability between DLT platforms and the Eurosystem's TARGET Services; CDP's cash flows settled in central bank money on 18 July 2024..A
- [4]CDP successfully issues its first digital bond on blockchain — Intesa Sanpaolo, 18 Jul 2024. Accessed 15 Oct 2026. In Italian; our summary is translated.B