Tokenized commercial paper expected to be first issued in December... pushing for Pontes p
Original headline토큰화 기업어음 12월 첫 발행 예상…폰테스 결제 추진
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The Banque de France and Euroclear France’s Project Pythagore plans to issue tokenized European commercial paper (NEU CP) on Euroclear France’s D-FMI+ platform and settle it via Pontes, with First Deputy Governor Denis Beau saying at an October 21, 2026 BIS-published speech that the first issuance is expected in December 2026. Beau framed the design as a “two-tier monetary system” in which central bank money serves as the reference asset for interbank settlement while tokenized bank deposits and euro stablecoins also play roles, and stressed that central bank money is not intended to serve every purpose. The initiative matters because it tests wholesale central bank settlement of tokenized money market instruments in the euro area. What to watch next is whether the December issuance proceeds on schedule and how Pontes settlement performs in practice.
Muhabbit's AI wrote this summary in its own words from TokenPost's report and translated it from Korean. It can get details wrong, so check the source.
Named in this story
Banque de France, Euroclear France, Pythagore project, Pontes, Denis Beau