The European Central Bank (ECB) has officially selected 36 participants for a closed pilot project to test the digital euro. The list includes giants such as Deutsche Bank, Revolut, Stripe, UniCredit, Adyen, SumUp, and Worldline. This is a key step towards the introduction of a pan-European central bank digital currency (CBDC).
The participants represent a wide range of business models, from traditional banks to fintech companies and payment infrastructure operators. The trials will start in the second half of 2027 and last exactly 12 months. The pilot will be conducted at the ECB and the 19 national central banks of the eurozone.
What will be tested: from coffee to offline transfers
Employees of the regulators themselves will act as users. Payments will be accepted by selected online stores, restaurants, cafes, and other points of sale. The main testing scenarios include person-to-person transfers (both online and offline), in-store payments, mobile payments, and online purchases.
The ECB's key goal is to verify the reliability and scalability of the system, operational processes, and the usability of user interfaces. Some companies will handle CBDC distribution: they will open test accounts and provide access to payments via the Eurosystem app or their own services. Other participants will ensure the acceptance of funds from merchants. Some organizations will perform both functions.
An important nuance: the pilot will use a beta version of the asset, and participants are prohibited from charging users any fees for services related to the testing.
"The high level of market interest shows the private sector's readiness to actively participate in the development of the digital euro and the strengthening of the European payment system," said Piero Cipollone, member of the ECB's Executive Board.
Roadmap: launch in 2029?
The ECB aims to prepare for the potential issuance of the digital euro by 2029. This timeline assumes the adoption of the necessary regulation as early as 2026. However, after the legal framework is approved, a separate decision by the ECB's Governing Council will be required.
As a reminder, in June, the relevant committee of the European Parliament already supported the corresponding bill. The document provides for online and offline payments, free basic services for users, and mandatory acceptance of the new form of money by most companies. Previously, Cipollone explained the need to create a CBDC as a fight for Europe's sovereignty.
My analysis: The selection of giants like Stripe and Revolut is no coincidence. The ECB is clearly aiming to integrate the digital euro into the existing fintech ecosystem, rather than creating a parallel reality. However, the key question remains open: can the CBDC compete in convenience with private stablecoins and traditional cards, especially under strict regulation and zero fees for distributors? The 2027 pilot will provide the answer to this question.