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The Savings and Investments Union : publication of the work summary on tokenised settlement assets

Published on 13th of March 2026

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This report is the outcome of an in-depth reflection conducted by the Banque de France together with banking and financial stakeholders from the Paris financial centre between November 2025 and February 2026, within the framework of the Market Infrastructure Group

In a context of strong momentum on tokenisation, with in particular an increasing competition from non-European players, this report sets out the opportunities and conditions for the emergence of a tokenised private settlement asset offering. Such an offering could rely on one or several initiatives —being individual or collective—coordinated at the level of the Paris financial centre and embedded within a broader European dynamic. The report details the use cases that should guide the development of this European offering, highlights the key levers required to scale up these initiatives, and identifies concrete milestones to be achieved in the short term to deploy these initiatives and contribute to the objectives of the Savings and Investments Union.

Updated on the 13th of March 2026