According to Bloomberg, ECB Executive Board member Isabel Schnabel said central banks should bring central-bank money onto blockchain infrastructure and use the programmability of distributed ledgers to modernize monetary-policy implementation, collateral management, and liquidity provision.

The ECB plans to launch its Pontes initiative next month to connect DLT platforms with existing TARGET services, while a blueprint for its longer-term Appia initiative is expected in 2028. Schnabel said the ECB is still assessing different models, including a unified ledger or connecting multiple ledgers.