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Central-bank money needed to scale stablecoins, tokenized deposits

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European Central Bank Executive Board member Piero Cipollone warned that tokenized deposits and stablecoins in Europe will only scale if they rest on tokenized central bank money as a public settlement anchor. In remarks delivered in Brussels, Cipollone pointed to Pontes, the Eurosystem’s distributed ledger technology settlement initiative, which aims to connect market DLT platforms with the Eurosystem’s TARGET Services and settle transactions in central bank money.

The ECB has signaled that Pontes could be launched in the third quarter of 2026, enabling market participants to settle DLT-based transactions using central bank money. The comments extend the ECB’s broader Appia initiative, which the central bank outlined on March 11 as a blueprint for a future European tokenized financial ecosystem by 2028.

Related: The ECB has been advancing work on tokenization and digital finance, including efforts around the digital euro and related settlement infrastructure.

Key takeaways

  • Tokenized financial assets in Europe would require tokenized central bank money to serve as a low-risk settlement anchor, reducing exposure to price volatility or credit risk.
  • Pontes, the Eurosystem’s DLT settlement initiative, aims to interlink market DLT platforms with central bank payment rails, with a planned initial launch in Q3 2026.
  • The Appia roadmap seeks to establish interoperability standards so tokenized assets can transfer smoothly across different DLT ecosystems, supported by standardized data formats and smart contract protocols.
  • Beyond technology, Cipollone underscored the need for a coherent legal framework and stronger public-private collaboration to support tokenized markets at scale.
  • Regulatory progress is underway, but industry participants—along with issuers of stablecoins—are pressing for broader guidance, including expansion of the DLT Pilot Regime and related cash account services for authorized providers.

Tokenized markets hinge on central bank settlement rails

In his Brussels address, Cipollone framed the issue around the core risk that currently limits scale: when a seller of a tokenized security is paid in an asset they would rather not hold, the resulting counterparty risk and volatility can chill adoption. He emphasized that central bank money can serve as a stable, trusted settlement asset, mitigating liquidity and credit concerns that might otherwise deter market participants from embracing tokenized instruments. The stance aligns with a broader ECB push to anchor tokenized finance in public money while maintaining market resilience.

As part of this vision, Pontes is described as a bridge between private market platforms and the Eurosystem’s settlement rails. If successful, the project would make it feasible to settle tokenized trades directly in central bank money, enhancing finality and reducing settlement risk across Europe’s growing tokenized ecosystem.

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Appia: interoperability as the backbone of a tokenized Europe

The Appia initiative, introduced by the ECB, is designed to provide a blueprint for a European tokenized financial infrastructure through 2028. A central pillar is an interoperability standard for assets, enabling cross-platform transfers of tokenized securities and other instruments. In practice, this means harmonizing data formats and smart contract standards so that tokenized assets can move between DLT networks without bespoke bridge solutions.

Cipollone urged market infrastructure operators, banks, custodians and technology providers to engage with the Appia roadmap, offering feedback to help foster broader public-private partnerships. The underlying expectation is that a shared standard will reduce fragmentation, lower integration costs and accelerate adoption across European markets.

Legal clarity and the regulatory path forward

Beyond technology, Cipollone argued that Europe needs a more explicit legal framework to support tokenized issuance and transfer across the bloc. He flagged that while Appia and other initiatives push the technical envelope, a coherent regulatory foundation is essential to prevent a patchwork of rules that could hinder scalable settlement infrastructure.

The European Commission’s proposal to extend the DLT Pilot Regime was described as an important step, yet Cipollone cautioned that without a comprehensive tokenization framework, the region risks building high-value settlement infrastructure atop inconsistent rules. In this context, a dedicated legal framework for tokenized assets could help harmonize issuance, transfer and custody across member states.

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Industry response and the next steps

The interview comes on the heels of industry activity responding to Europe’s tokenization push. Recently, stablecoin issuer Circle submitted feedback to the European Commission’s Market Integration Package, urging lawmakers to broaden the DLT Pilot Regime and to allow e-money token cash accounts for authorized crypto-asset service providers. The broader takeaway from market participants is a call for practical, scalable paths to tokenized finance, rather than piecemeal reforms that complicate cross-border settlement.

Looking ahead, the ECB’s public-private collaboration around Appia, the Pontes settlement rails, and the evolving legal framework will be in focus for institutions seeking to participate in Europe’s tokenized finance era. As with any large-scale infrastructural shift, progress will likely hinge on coordinated industry input, regulatory clarity and tangible pilot outcomes.

Readers should watch upcoming updates on Pontes’ pilot milestones and the Appia roadmap’s public consultation cycles. While the Q3 2026 launch window is a concrete near-term milestone, the broader question remains: can Europe converge on a unified framework that makes tokenized central bank money the default settlement anchor for tokenized markets?

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Melbet APK Maroc scurit et protection des utilisateurs.94

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Bridging for Yield: Hidden Risk and Hidden Alpha

Si vous cherchez un site de pari sportif fiable et sécurisé, vous êtes au bon endroit. Dans cet article, nous allons vous présenter les avantages de l’application Melbet APK Maroc et les mesures de sécurité mises en place pour protéger vos informations personnelles.

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Melbet APK Maroc : Sécurité et protection des utilisateurs

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AST falls after Bezos’ Blue Origin places satellite in wrong orbit

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A Blue Origin New Glenn rocket carrying an AST SpaceMobile Bluebird 7 satellite launches from pad 36 at Cape Canaveral Space Force Station on April 19, 2026 in Cape Canaveral, Florida.

Paul Hennesy | Anadolu | Getty Images

A failed satellite launch sent of AST SpaceMobile down sharply on Monday.

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The stock fell nearly 12% in premarket trading after a rocket designed by Jeff Bezos’ space technology company Blue Origin placed the satellite in a lower-than-planned orbit on Sunday. 

AST SpaceMobile’s BlueBird 7 satellite would have been the company’s eighth launched into low-earth orbit, the company said in a Sunday press release. It was launched on Blue Origin’s third New Glenn rocket.

Blue Origin acknowledged in a post on X that the satellite was placed into the wrong orbit, but only added it was assessing the situation and would provide further updates. The company hasn’t made a statement since the satellite was officially deemed lost. 

The cost of the satellite loss is expected to be covered by an insurance policy, AST said in the release. It also still expects to launch a satellite on average once every one to two months in 2026, and said BlueBird satellites 8, 9 and 10 should be ready to ship in 30 days. 

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ASTS year-to-date chart.

William Blair analyst Louie DiPalma thinks that AST’s goal of 45 satellites in orbit by year-end will likely be hard to hit now. However, he didn’t see Sunday’s events as a total loss for the company.

“AST gained experience integrating its satellite with New Glenn and working with the Blue Origin team,” DiPalma wrote in a Monday note. “This experience will be integral for future missions. The silver lining is that there was only one satellite on board, whereas future New Glenn launches may have as many as eight of AST’s BlueBirds.”

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While Clear Street analyst Greg Pendy was still bullish on the stock, reiterating a buy rating after the news, he cut his price target to $115 from $137. That’s still a 34% gain from Friday’s close, but much less than his previously forecasted 60% jump in shares. 

UBS analyst Christopher Schoell said in a note the financial impact on AST will be limited, but added that AST and its share price performance are now linked with Bezos’ Blue Origin. 

“We believe the success of Blue Origin’s New Glenn vehicle … is key to meeting year-end deployment targets/ management’s 2027 revenue goal, and expect the uncertainty to weigh on investor sentiment initially pending greater clarity,” Schoell wrote.

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Fermi (FRMI) Stock Plunges 20% as Top Executives Depart Amid Major Restructuring

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FRMI Stock Card

Key Takeaways

  • Fermi (FRMI) shares plummeted 20% to $5.27 during premarket hours Monday following executive departures
  • CEO Toby Neugebauer resigned; CFO Miles Everson simultaneously exited his role
  • Board members had been evaluating potential CEO replacement for a minimum of three months
  • Company unveiled “Fermi 2.0” initiative, representing a comprehensive overhaul of governance and strategy
  • Evercore analysts reaffirmed Outperform rating with $20 price target for FRMI

Shares of Fermi (FRMI) tumbled 20% on Monday following the data-center company’s announcement that both its chief executive and chief financial officer would be exiting, prompting a comprehensive leadership transformation the firm has branded “Fermi 2.0.”


FRMI Stock Card
Fermi Inc. Common Stock, FRMI

Co-founder and CEO Toby Neugebauer, who established the company with former Texas Governor and U.S. Energy Secretary Rick Perry, resigned with immediate effect. Neugebauer will continue serving as a board member.

According to reports, the board had been deliberating a potential CEO replacement for no less than three months. Several sell-side analysts verified this timeline after participating in a management conference call that followed the public disclosure.

CFO Miles Everson similarly departed from his executive position. Following his resignation, Everson was appointed to the board after a trust controlled by the Neugebauer family executed its board nomination privileges.

The board has initiated an active search for Neugebauer’s successor. Leadership recruitment firm Heidrick & Struggles has been retained, with a committee composed of independent board members overseeing the selection process.

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Fermi has additionally established an Office of the CEO to maintain business continuity throughout the transition period. Jacobo Ortiz Blanes, the former COO, and Anna Bofa, previously serving as a Board Advisor, have been promoted to Co-Presidents and will answer to newly designated Chairman Marius Haas.

Haas, who formerly held the position of Lead Independent Board Director, assumed the role of Executive Chairman immediately.

Jeffrey S. Stein, co-founder of Breakpoint Advisory Partners, joined the board as a new member, increasing the board size from five to seven seats.

Executive Transition Linked to Tenant Acquisition Struggles

The management upheaval arrives as Fermi has encountered difficulties securing a major anchor tenant for its Project Matador development in Amarillo, Texas. The massive 7,570-acre property is designed to become the world’s largest data center facility.

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Company officials emphasized that the transition would not impair its capacity to deliver electrical infrastructure or execute tenant agreements. Management noted that prospective lease negotiations had actually intensified, with potential clients resuming engagement within 48 hours following the announcement.

Evercore analyst Nicholas Amicucci characterized the transformation as a shift in leadership philosophy while maintaining operational momentum. Evercore maintained its Outperform rating and $20 price target on the stock.

FRMI shares had already declined 18% year-to-date before Monday’s trading session, with the premarket selloff driving the price down to $5.27.

Corporate Headquarters Relocation and Expansion Strategy

As a component of the Fermi 2.0 initiative, company leadership revealed plans to relocate corporate headquarters to Dallas. Additionally, Fermi intends to develop a dedicated corporate office facility at the Project Matador location in Amarillo.

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Management stated these strategic moves represent the company’s evolution from startup phase to large-scale enterprise operations.

Texas Tech University System Chancellor Brandon Creighton reaffirmed the university’s ongoing commitment to its collaboration with Fermi America. Negotiations continue regarding potential extensions to certain milestone deadlines contained in the lease agreement as Project Matador progresses.

The company indicated it would name an Interim CFO within the current week.

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Crypto Funds Post $1.4B Inflows as BTC Almost Touches $78K

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Crypto Funds Post $1.4B Inflows as BTC Almost Touches $78K

Cryptocurrency investment products logged another week of strong inflows on ceasefire optimism and a Bitcoin price breakout driving investor sentiment.

Crypto exchange-traded products (ETPs) posted $1.4 billion in inflows last week, beating the prior week’s $1.1 billion and marking the second-largest weekly inflows since January, CoinShares reported on Monday.

Following the three-week inflow streak totaling $2.7 billion, crypto ETPs now have net year-to-date inflows of around $3.8 billion, with assets under management (AUM) at $154.8 billion — the highest level since early February after dipping to as low as $128 billion in March.

The uptick in crypto funds has likely been driven by a recovery in risk appetite on US-Iran ceasefire extension talks, CoinShares head of research James Butterfill said.

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The sentiment was further reinforced by Bitcoin (BTC) nearly touching $78,000 on Friday, according to CoinGecko.

Ether funds turn positive year to date

Bitcoin led last week’s ETP gains by a significant margin, with inflows totaling $1.12 billion. The gains brought year-to-date inflows to $3 billion, with AUM at $123 billion.

The majority of gains were contributed by US spot Bitcoin exchange-traded funds (ETFs), which posted $1 billion in inflows last week.

Ether (ETH) investment products also picked up with $328 million inflows in its strongest week since January, finally lifting the ETPs into green year-to-date with $197 million inflows.

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Crypto ETP flows by asset (in millions of US dollars). Source: CoinShares

Still, altcoin ETPs, including XRP (XRP) and Solana (SOL), recorded negative flows, with XRP leading the outflows at $56 million. Solana recorded minor outflows of $2.3 million.

Short-Bitcoin products saw a modest $1.4 million of inflows, suggesting residual but limited hedging demand.

Regionally, the US dominated the surge with $1.5 billion of inflows, while Germany ranked second with just $28 million of inflows. Switzerland saw the largest redemptions last week, with outflows totaling $138 million.

Addressing the implications of recent economic data, CoinShares’ Butterfill suggested that March’s Consumer Price Index (CPI) increase of 3.3% appears to have been largely looked through by markets, with core CPI at 2.6% seen as relatively contained, pointing to inflation pressures that remain more supply-driven than broad-based.

Related: Bitcoin erases weekend gains as US-Iran ceasefire faces pressure

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Nomura’s Laser Digital echoed that view, telling Cointelegraph that backward-looking macro indicators currently offer only limited insight while conflicts continue to affect supply chains and spending patterns.

“Delayed indicators like CPI and PMIs mostly reflect past conditions rather than the current situation,” Laser Digital said, adding that the outlook remains “cautiously optimistic.”

Bitcoin Price, Iran, CoinShares, Ethereum ETF, Bitcoin ETF, ETF
The Crypto Fear & Greed Index. Source: Alternative.me

Sentiment improvement was also reflected in the Crypto Fear & Greed Index, which moved from “extreme fear” to “fear,” with the score rising above 29 on Monday for the first time since Jan. 29.

Magazine: Bitcoin ‘on track’ for $90K, ETFs pull in nearly $1B: Hodler’s Digest, April 12 – 18