A central bank settling on a blockchain isn't an adoption story. It's a plumbing story. Settlement finality is the thing banks actually buy, and distributed ledgers are being tested for exactly that job.

The detail that decides what it means: whether it runs on a permissioned chain the ECB controls, or touches public infrastructure. Those are different worlds.

Most headlines filed under institutional adoption are the first kind.

Does permissioned settlement help public chains, or quietly compete with them? #ECBStartsBlockchainEuroSettlement