ECB tokenization plan na anchored to central bank money, with tight stability controls

ECB tok say dem go push tokenization (DLT) for Europe capital markets but dem go put financial stability and strong oversight first. Di bank talk say tokenization fit make things efficient and transparent, but only if infrastructure and policy dem follow one another. Main requirement: tokenization systems must base for central bank money so e go reduce risk wey private tokens and stablecoins fit cause wey fit weaken euro sovereignty. ECB point two concrete steps. First, Pontes go enable on‑chain settlement in central bank money for Q3 2026, to connect normal markets with blockchain infrastructure. Second, ECB don start to accept tokenized collateral: from 30 March 2026 some tokenized securities fit qualify for Eurosystem credit operations if dem meet eligibility rules, kept for authorized systems (e.g., CSDs), and settle through TARGET2‑Securities. On risks, ECB warn about liquidity constraints for tokenized bond secondary markets and the need for centralized supervision (including proposals to strengthen ESMA oversight) to reduce cross‑border regulatory fragmentation. E also repeat say smart‑contract and transition period risks still dey, especially if tokenized and traditional systems run side by side. Overall message be “innovation with guardrails,” with interoperability goals via the Appia roadmap (vision for one single digital financial system by 2028).