ECB says dual settlement model launched in September
The ECB says a model offering settlement via TARGET2 or distributed ledger technology was launched in September. Round-the-clock availability remains a future goal.
What has changed? · 01/10/2026, 15:59 UTC
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A dual settlement model offering a choice between TARGET2 and distributed ledger technology (DLT) was launched on 21 September, the European Central Bank said. The claim appeared in a presentation by ECB Executive Board member Isabel Schnabel for a conference at the Bank of England in London on 1 October. [1]
Round-the-clock availability and decentralised programmability are planned enhancements, rather than current features. Schnabel’s presentation argued that providing central bank money on-chain could allow a tokenised financial system to retain the existing two-tier monetary structure. It also suggested that tokenisation could help integrate Europe’s financial infrastructure. [1]
The Eurosystem’s Appia project is exploring several possible designs for tokenised financial infrastructure, including a single unified ledger, a shared DLT arrangement and interconnected networks. [1]
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