The Czech National Bank completed small-scale bond and repo tests, with transaction volumes of tens of thousands of Czech koruna. On November 10, Governor Aleš Michl outlined a preference for settling tokenized securities in central bank money. The bank said settlement was almost instantaneous, but did not specify the cash instrument used in the pilot. Available central bank settlement infrastructure could reduce the potential need to hold stablecoin balances to purchase securities. The Eurosystem’s Pontes service already supports settlement in central bank money for wholesale tokenized asset transactions and is planned to be continuously available by 2028.