France and Euroclear Launch Project Pythagore for EU Commercial Paper Tokenization

According to PANews, the Banque de France and Euroclear have initiated 'Project Pythagore' to tokenize the European Union's commercial paper market, which currently has an outstanding balance of €310 billion. The project aims to officially launch by the end of 2026. At that time, France's wholesale central bank digital currency (CBDC) pilot will be integrated into the European Central Bank's 'Project Pontes,' a wholesale distributed ledger technology (DLT) settlement system. Previously, France attempted to use DLT for commercial paper processing, but despite surpassing the experimental phase, it was not successfully implemented.