GoCheckMyCrypto.comECB Selects 36 Firms for Digital Euro Pilot Starting in 2027
The European Central Bank selected 36 banks and payment firms, from 50 applicants, for a 12-month digital euro pilot starting in the second half of 2027, per CoinDesk. Firms named include Adyen, Deutsche Bank, Revolut, SumUp, UniCredit and Worldline, with possible issuance as early as 2029, though enabling legislation is not yet finalized.
The European Central Bank has selected 36 banks and payment firms for a digital euro pilot, moving the project from paper into live operational testing, according to CoinDesk. The firms were chosen from among 50 applicants, and the pilot is scheduled to run for 12 months starting in the second half of 2027.
This story covers who was picked, how the test will work, and the open questions still hanging over the project, including that its enabling legislation is not yet finished. For anyone tracking central bank digital currencies, this is a concrete milestone with a live timeline attached.
Selected firms include Adyen, Deutsche Bank, Revolut, SumUp, UniCredit and Worldline, per the ECB's website as reported by CoinDesk. The pilot will test a beta version of the digital euro across the ECB and 19 euro-area national central banks, covering online and offline transfers between individuals, in-store payments, and e-commerce purchases. ECB staff and employees of national central banks will act as consumers, and selected restaurants, cafeterias and online merchants will accept the payments.
On the mechanics: the pilot currency will not have legal status, but its design will be close to the design set out in draft European Union legislation, per CoinDesk. The ECB is pushing forward because it sees adoption of private dollar-backed stablecoins such as Tether's USDT and Circle Internet's USDC as a threat to Europe's monetary autonomy. The bank has said it could be ready for a possible issuance in 2029.
That timeline runs ahead of the project's legal foundation. Legislation enabling the digital euro has not yet been finalized; a European Parliament committee advanced the proposed legal framework last month, per CoinDesk. A final decision to proceed requires both passage of that legislation and a separate decision from the ECB Governing Council.
The project also faces stated opposition and contrast. Privacy advocates are concerned that digital euro transactions can be monitored and that the central bank could block users' access to the currency, according to CoinDesk. And the United States has moved the opposite direction: a law that took effect last month bars the Federal Reserve from creating or issuing a digital dollar through Dec. 31, 2030.
The firm selection and pilot design are reported from CoinDesk's account of the ECB's announcement, with the six named firms drawn from the ECB's website; the full list of 36, the selection criteria, each firm's specific role, pilot costs, and the exact 2027 start date are not detailed in the available reporting.
The ECB picked 36 firms from 50 applicants for a 12-month digital euro pilot beginning in the second half of 2027, with possible issuance in 2029.
Watch whether EU lawmakers pass the enabling legislation and whether the ECB Governing Council issues its separate go-ahead, since both are required before any digital euro proceeds. A stall in the legal framework, or the pilot slipping from its second-half-2027 window, would undercut the 2029 issuance target that anchors this timeline.
And that's the way it is.
Sources
Not financial advice. Crypto Cronkite reports events and explains what they may mean. It never tells you to buy or sell anything. Do your own research.