The European Central Bank is moving its digital euro project from planning into real-world testing. On Tuesday, the ECB announced it has selected 36 payment service providers to take part in a pilot program. This marks a significant step toward launching a central bank digital currency, though a full rollout is still years away.
Among the chosen firms are well-known fintechs like Stripe and Revolut, alongside traditional banks such as Deutsche Bank, UniCredit, and BPCE. Interestingly, Revolut recently adjusted some of its cryptocurrency services for European users by phasing out support for Tether USDt. The pilot will run for 12 months, starting in the second half of 2027.
Italy leads with most participants
The ECB received over 50 applications after opening a call for interest in March 2026. Italy has the highest number of selected companies, with seven participants joining. These include UniCredit, Poste Italiane, Nexi Payments, Banca Sella, Banca Monte dei Paschi di Siena, Isybank, and Numia.
Germany follows with five providers, while Portugal and Greece each have three. The ECB says the geographic mix is designed to create a broad testing environment. Selected providers can offer pilot services outside their home countries as well.
Strong private sector interest
ECB Executive Board member Piero Cipollone, who chairs the high-level task force on the digital euro, expressed optimism about the level of participation. He said the interest shows that the private sector wants to help develop the currency. Cipollone added that the central bank expects deeper cooperation with payment providers during the trial.
The pilot will involve the ECB and central banks from 19 eurozone members. These include Belgium, Germany, France, Italy, Spain, and the Netherlands. Payment companies and merchants will test the system before any potential token issuance.
Different providers will have different responsibilities during the trial. Some will focus on helping users access beta digital euro services. Others will assist merchants in accepting payments. Several companies will handle both roles, according to the ECB.
This development comes as governments take varied approaches to digital currencies. While Europe expands testing of its proposed CBDC, the United States has moved to block the Federal Reserve from issuing one. The contrasting paths highlight the ongoing global debate about the future of money.
