Christine Lagarde will leave the presidency of the European Central Bank on Feb. 7, 2027, while the Eurosystem has yet to decide the architecture of its Appia initiative for tokenized wholesale finance. The consultation report, published on Oct. 29, summarizes 127 responses and targets a blueprint for 2028. Participants highlighted that concentrating liquidity on a single network could improve efficiency, but increase dependence on one technology or provider. A multi-network architecture with interoperability would preserve competition, but could fragment liquidity, collateral and payment instruments without common rules. In the meantime, Pontes is expected to deliver significantly longer operating hours by mid-2027 and continuous operation in 2028, while the eligibility of tokenized assets for collateral purposes remains under assessment.
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