ECB Urges Central Banks to Go Onchain With Programmable Digital Reserves

TL;DR

• ECB member Isabel Schnabel wants central-bank reserves on programmable infrastructure so tokenized assets and final payment can settle in one environment.
• Project Pontes launches in September 2026 to connect distributed ledgers with TARGET services, while later phases add smart contracts and continuous 24/7 operation.
• Project Appia will study Europe’s long-term architecture through 2028, including unified or interoperable ledgers, while regulated stablecoins remain a supporting rather than final settlement asset.

European Central Bank Executive Board member Isabel Schnabel is urging central banks to move reserve money onto programmable infrastructure as tokenized finance expands. Speaking at Jackson Hole on August 28, she argued that commercial banks already hold digital reserve balances, but those balances remain separated from the distributed ledgers where tokenized securities and collateral may trade. Her core proposal is to place central-bank reserves directly onchain so assets and final payment can settle inside the same programmable environment. The idea remains focused on wholesale finance and does not create a consumer-facing ECB cryptocurrency or blockchain wallet.

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