Regulation· ★★★★· bullish·

Euroclear and Banque de France launch Pythagore tokenization project with 33 firms

  • —Project Pythagore involves 33 firms, including BNP Paribas, JPMorgan and TotalEnergies
  • —Tests cover the full lifecycle of a security: issuance, settlement, collateral use and redemption
  • —The first market tested is NEU CP, with roughly €300 billion outstanding
  • —The Banque de France's blockchain infrastructure connects to Euroclear's D-FMI platform, built on Ethereum-compatible Besu
Why it matters: Europe's largest settlement house is testing tokenization on a €300 billion debt market, potentially accelerating TradFi's shift to blockchain rails.
Source: Cryptoast
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