Eurosystem has launched Pontes, enabling wholesale trading in tokenised assets to be settled in central bank money. Pontes is the first initiative under the Eurosystem’s strategy for tokenised finance. It will initially provide a set of core services, with enhanced functionality and longer operating hours to be added gradually. Full implementation is expected to be completed in 2028. The first market participants and DLT operators have completed onboarding and can use the platform immediately, with more participants expected to connect in the coming months.
推荐理由：Pontes brings central bank money settlement to wholesale trading in tokenised assets and sets out a phased expansion path through 2028, making it useful for observing how Europe’s DLT financial infrastructure is put into operation.
BIS said the next-generation monetary and financial system should incorporate tokenization technology into a two-tier financial system underpinned by central and commercial banks, while addressing weaknesses in existing stablecoin architectures. BIS noted that current stablecoin designs have shortcomings in the singleness of money, redeemability, and interoperability across ledgers, while widespread adoption could also affect bank funding, credit supply, and financial stability. The report proposed using a unified ledger to integrate different forms of tokenized money, and presented Project Agorá as a cross-border wholesale payments prototype involving eight central banks and more than 40 regulated institutions.
推荐理由：BIS places stablecoin redeemability, financial stability risks, and the unified ledger solution within the same policy framework, and uses Project Agorá to illustrate the application potential of cross-border wholesale payments.