STRATEGIC ACTOR

Eurosystem

Euro-area monetary system operating TARGET Services and Pontes for central-bank-money settlement of eligible tokenised wholesale transactions.

Central bank / monetary authority

Observed capacity

Observed scaleMonetary and settlement infrastructure for the euro area.

Interpretive limit

Settlement infrastructure does not establish adoption or market scale; transaction volume and interoperability remain empirical questions.

DOCUMENTED MECHANISMS

Settlement infrastructure→Tokenised wholesale settlement

Pontes connects eligible DLT platforms to TARGET Services, providing central-bank-money settlement to participating wholesale tokenised transactions.

institutional-authoritySubstitutability: MediumConfidence: High

EVIDENCE