Deployments · platform by European Central Bank

Eurosystem exploratory work on wholesale DLT settlement in central bank moneyUpdated 28 Oct 2026

From May to November 2024 the Eurosystem ran more than 50 trials and experiments with 64 participants. They settled DLT transactions in central bank money through three interoperability solutions: a Eurosystem DLT platform (DL3S), a TIPS hash-link and the Bundesbank-run Trigger Solution that bridges market ledgers to T2. Real-value trials included KfW's EUR 50 million bond and Siemens' EUR 300 million bond, both settled via the Trigger Solution. The findings led to the Pontes and Appia workstreams.

Inactive · superseded since Nov 2024 by Eurosystem Pontes DLT settlement in central bank money^[1]i — Time-limited trial phase with real-value transactions; it was a pilot while running. The follow-on Pontes service is not recorded here. · Reviewed 24d ago i

Assets

Wholesale central-bank moneyDebt security^[1]

Central bank money used to settle DLT transactions

^[2]

Bonds issued and settled during the trials

Networks

DL3S Private, permissioned^[1]

SWIAT Private, permissioned^[2]

Ethereum Public, permissionless^[4]

Use cases i

Delivery versus payment (DvP)^[2]Primary issuance^[3]

Jurisdictions

European Union, Germany, France

Participants

• European Central BankPlatform provider, Operator^[1]European Union
• Deutsche BundesbankCash leg provider, Technology provider^[2]Germany
• Banque de FranceCash leg provider, Technology provider^[4][7]France
• KfWIssuer^[3][7]Germany
• SiemensIssuer^[2][7]Germany
• Société GénéraleCounterparty, Custodian^[4][7]France
• Deutsche BankPaying or settlement agent^[2][7]Germany
• ClearstreamOperator, Platform provider, Transfer agent or registrar, Counterparty^[6][7]Luxembourg
• Banca d'ItaliaCash leg provider, Technology provider^[7][5]Italy
• Republic of Slovenia (Ministry of Finance)Issuer^[7]Slovenia
• BNP ParibasIssuer, Platform provider, Custodian, Paying or settlement agent, Investor^[7]France
• BNP Paribas Asset ManagementInvestor^[7]France
• AXA Investment ManagersInvestor, Asset manager^[7]France
• European Investment BankIssuer, Investor^[7]Luxembourg
• ABN AMROIssuer, Investor, Counterparty^[7]Netherlands
• Eurex ClearingCounterparty^[7]Germany
• EurexPlatform provider^[7]Germany
• CashlinkPlatform provider, Transfer agent or registrar^[7]Germany
• DZ BANKArranger or dealer, Investor, Issuer, Custodian^[7]Germany
• Union InvestmentInvestor^[7]Germany
• DekaBankIssuer, Investor, Platform provider, Transfer agent or registrar, Counterparty^[7]Germany
• Boerse Stuttgart DigitalCustodian^[7]Germany
• WIBankIssuer^[7]Germany
• HelabaPaying or settlement agent, Investor^[7]Germany
• Bankhaus MetzlerInvestor^[7]Germany
• Cassa Depositi e PrestitiIssuer, Platform provider^[7][5]Italy
• Intesa SanpaoloInvestor, Issuer^[7][5]Italy
• Land Sachsen-AnhaltIssuer^[7]Germany
• NatWestArranger or dealer, Investor^[7]United Kingdom
• L-BankIssuer^[7]Germany
• Goldman SachsPlatform provider, Arranger or dealer, Custodian, Counterparty^[7]United States
• RabobankInvestor, Counterparty^[7]Netherlands
• Caisse des DepotsIssuer^[7]France
• Crédit Agricole CIBArranger or dealer^[7]France
• NatixisArranger or dealer^[7]France
• EuroclearPlatform provider, Depositary or trustee, Custodian^[7]Belgium
• BNYCustodian^[7]United States
• LBBWArranger or dealer, Investor, Issuer, Platform provider, Transfer agent or registrar, Counterparty^[7]Germany
• HSBCArranger or dealer, Platform provider^[7]United Kingdom
• IZNESPlatform provider^[7]France
• Ofi InvestAsset manager, Investor^[7]France
• GeneraliInvestor^[7]Italy
• Societe Generale-FORGEIssuer, Platform provider^[7]France
• SwiftTechnology provider^[7]Belgium
• BayernLBIssuer, Investor, Platform provider^[7]Germany
• Stadtsparkasse MünchenInvestor^[7]Germany
• Sparkasse DortmundIssuer^[7]Germany
• SWIATTechnology provider^[7]Germany
• 64 participants in total, including central banks, market participants and DLT platform operators. Firms in the real-value trials are named from the ECB's Annex II; firms that took part only in mock-settlement experiments are not recorded.^[1]

Likely relevant regulation i

• Electronic Securities Act (eWpG), GermanyGermany
• Central Securities Depositories Regulation (CSDR), Regulation (EU) No 909/2014European Union
• EU DLT Pilot RegimeEuropean Union

Moves across networks

• viaDL3S full DLT interoperability (Banque de France)DL3S ↔ Ethereum^[4]Société Générale repo with the Banque de France: Ethereum-issued bonds against DL3S central bank money. The D-FMI link is recorded on the Euroclear deployment.
• viaBundesbank Trigger Solution^[2][3]Siemens and KfW trial bonds settled their cash legs in T2 through the Trigger Solution.
• viaTIPS Hash-Link (Banca d'Italia)^[5]CDP's July 2024 digital notes settled their cash leg through TIPS Hash-Link.

Metrics i

• over 50 trialsTrials and experiments · as of Nov 2024^[1]
• 64 participantsParticipants · as of Nov 2024^[1]

Timeline

1. Happened Nov 2024 (month only) · Retired · recorded 11 Oct 2026
   The exploratory phase ends, feeding into the Pontes and Appia work.^[1]
2. Happened 4 Sep 2024 · Production milestone · recorded 11 Oct 2026
   Siemens settles a EUR 300 million bond on SWIAT via the Trigger Solution.^[2]
3. Happened 28 Aug 2024 · First transaction · recorded 11 Oct 2026
   KfW settles a EUR 50 million bond via the Trigger Solution.^[3]
4. Happened May 2024 (month only) · Launch · recorded 11 Oct 2026
   Eurosystem trials and experiments begin across three interoperability solutions.^[1]

Sources i