ECB Taps Deutsche Bank, Revolut and 34 Others to Pilot the Digital Euro

ECB selects 36 firms for the digital euro pilot

The European Central Bank (ECB) has selected 36 payment service providers to join its digital euro pilot. The Eurosystem received more than 50 applications after a call for expressions of interest in March 2026. Applicants were assessed against pre-defined eligibility criteria. Selected firms include Deutsche Bank, Revolut, Adyen, SumUp, UniCredit and Worldline. Together they span banks and non-bank providers, and offer broad geographical coverage across the euro area.

Piero Cipollone, an ECB Executive Board member who chairs the High-Level Task Force on the digital euro, welcomed the level of interest.

"The strong market interest in the pilot shows the private sector's readiness to engage actively and quickly advance with the digital euro project to strengthen the European payments landscape", 14 July 2026. — Piero Cipollone, Executive Board member, European Central Bank

Pilot begins in 2027 across nineteen euro-area countries

The pilot will begin during the second half of 2027 and run for 12 months. It will take place at the ECB and 19 national central banks across the euro area. Participating countries include Germany, France, Italy, Spain and the Netherlands. Belgium, Ireland, Greece, Portugal and Finland also take part. Staff at these institutions will act as the main test users.

Beta version tests online and in-store payments

The exercise will use a beta version of the digital euro. This version stays technically close to the currency set out in draft European Union (EU) legislation, but it carries no legal tender status. Distributing providers will give staff access to beta accounts and payments. Acquiring providers will let selected merchants receive beta digital euro payments. The pilot covers person-to-person transfers, both online and offline, alongside in-store and e-commerce purchases. Payments at the physical point of sale include Software Point of Sale and mobile options.

Merchants will accept beta digital euro payments

Selected merchants will also join the trial. These include online retailers and businesses offering everyday services on their premises, such as cafeterias and restaurants. They will accept beta digital euro payments from central bank staff acting as customers. The setup lets the ECB test real payment situations before any wider decision.

Stablecoins hold hundreds of billions in value

According to CoinDesk, the ECB is advancing the project partly because it views privately issued, dollar-backed stablecoins as a challenge to Europe's monetary autonomy. Tether's USDT carried a market value near $184.1 billion, while Circle's USDC stood around $73.0 billion (CoinPaprika, 14 July 2026). USDT recorded about $57 billion in 24-hour trading volume, and USDC around $14 billion (CoinPaprika, 14 July 2026). The digital euro project aims to strengthen the European payments landscape, the ECB said.

ECB targets potential digital euro issuance by 2029

The ECB plans potential issuance of a digital euro by 2029. Any decision depends on EU legislation and approval from the ECB's Governing Council. According to CoinDesk, the timeline remains tied to the legislative process. The pilot forms part of the ECB's preparatory phase for the project. For now, the selected providers will prepare for the exercise with their national central banks, and the ECB will publish regular updates on its digital euro pilot webpage.

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