Pontes goes live this month. The Eurosystem connects market DLT platforms to TARGET, so tokenised assets can settle against central bank money rather than a commercial bank IOU. The interesting part is not the technology. It is the sequencing. Europe is treating settlement as the layer that stays public while the asset layer goes private and permissioned. Most tokenisation projects still solve issuance first and settlement last. That order is backwards. Issuance is a database write. Settlement is where counterparty risk actually lives. If the pilot holds up, the binding constraint on tokenised markets in Europe stops being whether you can mint the asset and becomes who is allowed to connect to the cash leg.
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