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Appia

In 2025, the Eurosystem launched Appia, a forward-looking initiative aimed at designing a long-term approach for the European financial market. Appia builds on the successful results of the exploratory work on new technologies for wholesale central bank money settlement.

Focus Session: Advancing TARGET Services with DLT transactions in central bank money – presentation on Appia

Appia aims to leverage on the unique capabilities of distributed ledger technologies (DLT) and tokenisation resulting in a harmonised and a more efficient financial ecosystem in Europe and beyond.

Why Appia?

Appia’s objective is to explore concepts like a European shared ledger and a network of interconnected ledgers: infrastructures that could serve as a utility for issuing, recording, trading and settling tokenised assets while enabling programmability. By embracing DLT and tokens, Appia aims to:

Enhance efficiency

Eliminate the need for complex reconciliations by enabling direct data validation and updates on the ledger(s).

Promote innovation

Support the development of new business models through central bank money in token form and smart contracts.

Foster competition

Level the playing field by reducing entry barriers for smaller market participants.

Advance integration

Contribute to the creation of a digital capital markets union and a more integrated European market for digital assets.

What will Appia explore?

Appia will explore options for a European shared ledger that brings together central bank money, commercial bank money and other assets on a single platform, on which market stakeholders can provide their services.

It would also analyse the concept of a European network of interoperable platforms that reduces current frictions in the market and enables further innovation.

Appia will also explore international dimensions, including cross-border settlement and interactions with infrastructures in other jurisdictions.

Timeline

The Eurosystem is committed to continue with its collaboration with the market as Appia advances. In 2026, a launch paper is foreseen to be published, outlining the roadmap and detailed objectives of the initiative.

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