On Sept. 21 the ECB puts central-bank money into tokenised finance. Pontes, a bank-only rail, and a plan to invest some of its own funds in tokenised securities. This is not Bitcoin. It is central-bank book money on a permissioned track, final, but gated. The point is simple, if bonds and funds move on-chain, Frankfurt does not want settlement owned by stablecoins or private chains. For the euro that is digitisation without giving up sovereignty. For BTC it blurs the slogan “token equals decentralised,” because the state is using the same wrapper. The real split is access. If someone can freeze the rail, it is not neutral settlement.
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