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Notes

Notes from the build.

What we learn shipping on the EU's regulated rails, written for the people who have to make these deadlines real. Engineering detail, not conference slides.

9 min read

Qivalis is licensed. Now its banks have work to do.

Qivalis, the 37-bank euro stablecoin issuer, announced its Dutch EMI licence on 14 October. What a member bank must build and notify before distributing it.

  • Stablecoins
  • MiCA
  • EMT
  • DORA
6 min read

ECB as buyer: what tokenised issuers must run

The ECB will put part of its own funds into tokenised public-sector bonds, settled via Pontes. What an issuer has to build to be one the ECB can actually buy.

  • Pontes
  • RWA
  • DLT
  • DLT Pilot Regime
9 min read

The DLT Pilot reform, and the road to Pontes

The Council wants the DLT Pilot cap raised from €6bn to €300bn, with CASPs let in. Here's what the reform does, and how it connects tokenised markets to Pontes.

  • DLT Pilot Regime
  • Pontes
  • MiCA
  • RWA
8 min read

ESMA's October: the stablecoin list and the collateral test

ESMA's 8 Oct opinion tells CASPs to stop servicing non-MiCA stablecoins within three months. A day later it asked whether CCPs can take tokenised collateral. Both are engineering questions.

  • MiCA
  • Stablecoins
  • RWA
  • DORA
5 min read

Pontes is live. The connection fee is the cheap part.

The Eurosystem's DLT settlement bridge went live on 21 September 2026. Joining costs €2,500. The real cost is the integration behind it: keys, liquidity, reconciliation and DORA.

  • Pontes
  • DLT
  • RWA
  • Stablecoins

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