The European Central Bank selects banks and payment providers to test a digital euro, targeting potential issuance by 2029 amid stablecoin competition.
The European Central Bank named 36 firms, including Deutsche Bank and Revolut, to participate in a 12-month digital euro pilot set to begin in the second half of 2027. The pilot will test a beta version of the central bank digital currency (CBDC) for online, offline, in-store, and e-commerce payments using ECB and national central bank staff as users.
The ECB aims to finalize the digital euro by 2029, pending legislative approval. The selection follows 50 applications and reflects concerns over the growing adoption of private dollar-backed stablecoins, which the ECB views as a threat to Europe’s monetary sovereignty. Firms like Adyen, UniCredit, and Worldline are also part of the initiative.
The pilot will cover transfers between individuals, in-store transactions, and e-commerce purchases across the 19 euro-area countries. No immediate market reaction was reported.