1 month ago
8
Key Takeaways
- Schnabel wants ECB reserves issued onchain.
- Pontes provides the first operational settlement route.
- Stablecoins retain a supporting wholesale role.
- Europe’s permanent architecture remains undecided.
Schnabel wants the ECB to issue programmable reserves
European Central Bank Executive Board member Isabel Schnabel used her August 28 speech at the Jackson Hole Economic Policy Symposium to argue for a deeper central-bank role in tokenized finance.
“To reap the full benefits, central banks need to go on-chain too,” Schnabel said in the official ECB speech.
Commercial banks already hold digital reserve balances with central banks. Schnabel’s proposal changes where those balances can be used. She wants reserves available directly on programmable infrastructure, alongside the tokenized bonds, securities and collateral that banks may exchange there.
The proposal stays within wholesale...
English (US)