ECB selects 36 firms for digital euro pilot

The European Central Bank has selected 36 payment service providers to participate in a pilot for the digital euro, marking a significant step toward the potential launch of a central bank digital currency (CBDC) in the euro area. The pilot is scheduled to begin in the second half of 2027 and run for 12 months Source: CNA.

The participants

The chosen firms, drawn from more than 50 applicants, include a mix of traditional banks and fintechs: Deutsche Bank, UniCredit, Revolut, Stripe, Adyen, SumUp, Worldline, and many others Source: Cointelegraph. Italy has the highest representation with seven participants, followed by Germany with five Source: Cointelegraph. The ECB noted that the selection spans "a broad range of business models and sizes" Source: The Next Web.

Pilot details

The trial will involve the ECB and 19 of the euro area’s 21 national central banks, with Bulgaria and Malta not participating Source: CNA. Central bank staff will act as users, and merchants will include e-commerce sellers and on-site businesses like cafeterias Source: The Next Web. The pilot will test four use cases: online person-to-person payments, offline NFC payments, tap-to-pay at point of sale, and online/mobile commerce Source: The Next Web. Providers will bear their own costs and cannot charge fees during the pilot Source: The Next Web.

Legislative path

The digital euro does not yet have legal tender status in this beta phase Source: CNA. The ECB has stressed that issuance depends on EU legislation, which is still under negotiation. Current timelines aim for legislative approval by the end of 2026, with a possible launch in 2029 Source: CNA; Euronews. ECB Executive Board member Piero Cipollone said the strong market interest shows the private sector’s readiness to engage with the project Source: Euronews.