ECB Proposes Three Models for Putting Central Bank Money On-Chain

The ECB's menu of models is really a choice about who bears settlement risk and who controls access to tokenized markets. Direct issuance would put the central bank closest to on-chain activity, while the intermediary route preserves the existing banking layer — a distinction that matters most to banks, stablecoin issuers and tokenized-securities venues competing for the same settlement flow. The open question is which model the ECB ultimately favors, since that choice, not the technology itself, will shape how private on-chain money competes with public money in Europe.