The European Central Bank (ECB), the European Commission and ESMA launched a call for applications on Monday to create the European Tokenization Standards Group. This group, led by private actors, will have to define common standards for the conservation and settlement of tokenized securities by early 2028. The three European institutions will participate in the work as observers.
In brief
- Applications are open until November 27, 2026. The group will begin its work in January 2027.
- A first set of technical standards should emerge in early 2028 in order to facilitate exchanges between blockchain platforms and traditional financial infrastructures.
- Industry will take the helm of the group, which can also advise authorities on ways to encourage compliance with its recommendations.
Tokenized securities, the industry in control, regulators watching
Tokenization is progressing faster than the rules that govern it. Faced with this development, the European institutions want to avoid each actor developing their own rules in their own corner.
The mandate of the new group therefore provides a common framework for monitoring compliance with the adopted standards. It will also be able to propose measures to the authorities to encourage businesses to apply them.
However, one detail deserves attention: the industry will define the standards, participate in monitoring their application and then advise regulators on the means to enforce them. An organization which leaves an important place for private actors.
Governance confirms this orientation. According to the press release from the European Commissionthe presidency will go to industry, while the ECB, the Commission and ESMA will sit as observers. Trade associations, private companies, financial institutions, fintechs and technology providers can apply.
Concretely, the group will have to solve a well-known problem: making infrastructures that do not always speak the same language communicate. An investor should be able to hold a security on one platform and settle on another, without multiplying intermediaries.
The stakes are high. If each bank develops its own ledger without guaranteeing compatibility with others, tokenization risks reproducing the silos of traditional finance. In other words, changing technology without changing habits.
An ambitious timetable in the face of infrastructures already in motion
The schedule leaves little margin. Applications will close on November 27, 2026, work will begin in January 2027 and the first standards should arrive in early 2028.
However, Europe is not waiting for this group to move forward. In December 2025, the Commission already adopted the package on market integration and supervision. This text notably asks actors in the post-negotiation chain to promote interoperability between distributed ledger infrastructures and to define common technical standards.
For its part, the Eurosystem launched Pontes in September 2026. This system makes it possible to settle wholesale transactions involving tokenized assets in central bank currency. Future standards will also contribute to Appia, the Eurosystem project dedicated to the organization of European tokenized markets.
Clearly, the infrastructures are starting to take shape while their instructions remain to be written.
Private actors did not wait. JPMorgan already offers tokenized money market funds on Solana. On the network, the value of tokenized assets increased from 700 million to 4.3 billion dollars in one year. The market is therefore moving forward while institutions are still trying to tune their violins.
Common standards, but what capacity to enforce them?
However, this group should not be confused with a regulator. His private presidency and the presence of the three institutions as simple observers give him no direct power to adopt regulations or sanction companies.
Its influence will depend above all on the reception given to its recommendations by the European authorities.
The group may in particular propose mechanisms to encourage stakeholders to respect the standards. This could range from a simple conformity label to conditions of access to certain Eurosystem infrastructures. For the moment, no precise mechanism has been adopted.
The disagreements around stablecoins show that European compromises are not always easily found. France is particularly opposed to the ECB on the remuneration of tokens.
Ultimately, standards could gain weight if regulators include them in their requirements. Otherwise, they risk joining the long list of good recommendations that everyone approves, but that few actors actually apply.
Applications remain open until November 27, 2026. The composition of the group will already give a first overview of the interests that will weigh on the future of European tokenized markets. Tremplin.io will continue to monitor developments in European regulations on tokenized assets.
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