The European Central Bank has selected 36 companies, including Deutsche Bank and Revolut, to participate in a 12-month pilot program for the digital euro, which is set to begin in the second half of 2027, marking a crucial step towards potential central bank-backed issuance in 2029.
We are closely watching the European Central Bank's (ECB) announcement to select 36 companies for a 12-month pilot of the digital euro, aimed at testing a beta version of the central asset for online and offline payments, in-store purchases, and online purchases.
The list of selected companies includes Deutsche Bank and Revolut, along with other firms such as Adyen, SumUp, UniCredit, and Worldline. The pilot test is set to take place in the second half of 2027 and will cover payments between individuals, in-store payments, and online purchases. Although the digital euro will not have legal status, it will be in line with the design presented in the European Union's legislative project.
Selecting these companies for the pilot marks a decisive step towards the creation of the digital euro. The ECB has previously noted that the adoption of privately-backed currencies like USDT and USDC, backed by dollars, poses a threat to the European Union's monetary autonomy. This measure aims to ensure the digital euro is resistant to such pressures.
While the digital euro has been met with skepticism by some sectors due to concerns over privacy and access blockages, the project is moving forward towards operational testing, contrasting with the US situation, where recent legislation hampers the creation of a digital currency by the Federal Reserve until December 2030.