The ECB is finally taking real action: 36 institutions have joined a digital euro pilot, and 2027 is when it could get real—though the pilot is one thing; whether it will actually be issued depends on the EU’s legislative stance, and getting it rolled out in 2029 would still count as fast.

Wu Shuo reports that, according to a European Central Bank announcement, the European Central Bank has selected 36 payment service providers from more than 50 applicants to take part in the digital euro pilot, including Revolut Bank, UniCredit, Deutsche Bank, Adyen, Stripe, SumUp, and Worldline. The pilot program is set to begin in the second half of 2027 and will last 12 months, testing real-world scenarios such as merchant payments and person-to-person transfers. The European Central Bank said that running the pilot does not mean that the issuance of a digital euro has already been decided; the final decision still depends on the relevant EU regulations being passed, and, provided that the regulations are approved in 2026, the European Central Bank’s goal is to be prepared for a possible first issuance of the digital euro in 2029.