ECB Launches Pontes Service to Settle On-Chain Transactions in Euro

The European Central Bank has launched Pontes, a service that connects its payment systems with blockchain-based financial markets, allowing banks and investors to settle on-chain transactions using euro backed by the ECB rather than stablecoins or other private money. According to ChainCatcher, the first institutions to join include Deutsche Bank, Santander, and clearing firm Clearstream. The service will initially operate on weekdays from 8:00 AM to 4:00 PM Central European Time.