Banque de France and Euroclear today announced the launch of a joint project (Pythagore) to transfer the negotiable European commercial newspaper (NEU CP), signaling an important step towards modernizing short -term debt markets through Distributed Ledger (DLT).
The Neu CP market represents the largest market for short -term debt in the euro area with pending 310 billion euros, offering competitive terms of funding, market depths and low documentation costs. It represents a very effective way to effectively lead short -term liquidity.
The Tokenisation Initiative aims to provide significant operational and administrative efficiency, while enhancing transparency and security for market participants.
The pilot phase of the project is scheduled to begin at the end of 2026, according to the launch of the Eurosystem project (“Pontes”) and aims to develop a Central Bank’s interconnected digital currency (CBDC). The Euroclear DLT platform will be designed interoperably at its core, supporting seamless integration into financial infrastructure.
This joint effort is based on the strong foundation of the previous innovation cooperation between Euroclear and Banque de France that facilitated in November 2024 the issue of France’s first digitally inherent note.
“Euroclear has a long -standing presence in France’s economic ecosystem and we are proud to promote innovation alongside Banque de France. Publishers and investors.” – Isabelle Delorme, head of Euroclear.