The European Central Bank has moved its digital euro project into the operational testing phase by selecting 36 payment service providers to participate in an upcoming pilot program.
The list of chosen institutions includes major traditional lenders such as Deutsche Bank and UniCredit, alongside digital-native fintech Revolut, highlighting the central bank's intent to test the currency across a broad spectrum of financial infrastructure.
The selection marks a significant step forward for the ECB's initiative, transitioning from theoretical design to practical implementation.
By onboarding a diverse group of applicants from a pool of more than 50, the central bank aims to evaluate the technical and user-experience aspects of a retail central bank digital currency (CBDC) in a controlled environment.
This pilot is designed to gather data on how a digital euro would function in real-world transactions and integrate with existing payment systems.
For the financial sector, the inclusion of both legacy banks and agile fintechs suggests the ECB is prioritizing interoperability and widespread accessibility.