ECB-DLT-WHOLESALE

ECB DLT Wholesale Trial 2024 3 solutions.

Definition

Eurosystem CBDC Trial 2024 details: (1) Banque de France Cedar/Full DLT Approach: wholesale CBDC issued directly on custom DLT (Hyperledger Besu fork), tokenized securities + tokenized CBDC Atomic DvP settlement, ~17 institutions participants (BNP Paribas, Societe Generale, etc.), real transactions ~EUR 1B. (2) Bundesbank Trigger Solution: no DLT wholesale CBDC but 'Trigger Mechanism' interoperability with TARGET2 (existing classic RTGS), DLT trigger settlement signal to classic TARGET2 settlement, ~12 institutions, ~EUR 200M. (3) Banca d'Italia TIPS-Hash-link: Hash-link mechanism connecting private DLT to TIPS Instant Payments TARGET system, ~16 institutions, ~EUR 390M. Total 45 institutions, ~EUR 1.59 billion test transactions ; ECB 2025 analyses for Eurosystem wholesale settlement infrastructure future direction.

Origin

Eurosystem CBDC Trial announced April 2024 ; trial May-November 2024 ; results published Q1 2025 ; wholesale DLT infrastructure decision 2025-2026.

Example in context

Banque de France Cedar Trial Project October 2024: settlement tokenized French government bonds (OAT 10Y) between Societe Generale + BNP Paribas, DvP Atomic settlement via tokenized wholesale CBDC + tokenized bonds, transaction ~3 seconds vs T+2 traditional CSD Euroclear.

Related terms

• ECB DLT — parent framework.