The European Central Bank will accept marketable assets issued via distributed ledger technology (DLT) as eligible collateral for Eurosystem credit operations starting March 30, 2026, supporting innovation in financial markets.
The European Central Bank (ECB) announced that, starting from 30 March 2026, the Eurosystem will accept marketable assets issued in central securities depositories (CSDs) using distributed ledger technology (DLT) as eligible collateral for credit operations.
These assets must meet existing collateral eligibility criteria, including availability for settlement in compliant securities settlement systems reachable via TARGET2-Securities (T2S). They will be managed according to current collateral practices.
The ECB is exploring ways to expand eligibility to assets issued and settled entirely on DLT networks. A work plan has been launched to assess criteria for future eligibility of DLT-issued assets not currently represented in settlement systems.
This initiative reflects the ECB’s commitment to technological innovation, market efficiency, and the integration of European capital markets. The approach will be phased, considering market, legal, and regulatory developments such as the CSD Regulation, DLT Pilot Regime, MiCAR, and securities laws across the euro area.
The decision aims to support the digital transformation of monetary policy implementation and foster technological progress in European financial markets.
