ECB launches Pontes to settle tokenized assets without stablecoins

The ECB's decision to build tokenized-asset settlement without stablecoins is the detail worth noting: it keeps central-bank money at the center of the rail rather than private issuers' tokens, a structural choice that could shape which venues and issuers find Europe attractive. The gradual rollout and 2028 horizon mean this is a slow-moving signal, not an immediate market event. The open question is whether the phased expansion of services and participants draws meaningful tokenized activity onto the ECB rail, or whether private settlement alternatives retain the edge in the interim.