ECB taps 36 financial firms for digital euro pilot

The project, scheduled for the second half of 2027, will run for 12 months across the ECB and 19 national central banks. While Bulgaria and Malta are sitting out, the initiative brings together established lenders and modern digital banks like Revolut to stress-test the system’s operational processes. Staff from participating institutions will conduct beta person-to-person and person-to-business transactions to gauge how the currency performs in real-world retail environments.

Although the beta version will mirror the technical specifications of the final product, it will lack legal tender status during the trial. By integrating e-commerce merchants and physical storefronts into the testing phase, the ECB seeks to reduce the bloc's historical reliance on U.S.-based payment infrastructure. The success of this transition remains tethered to the legislative timeline, which regulators hope to finalize before the current year concludes.