France and Euroclear Launch Project Pythagore for EU Commercial Paper Tokenization

Euroclear and France’s Banque de France have partnered on ‘Project Pythagore,’ aiming to tokenize the €310 billion commercial paper market within the European Union. This move is expected to be finalized by the end of 2026, coinciding with the integration of France’s CBDC pilot into the European Central Bank’s ‘Project Pontes’, a wholesale DLT settlement system. Previously, France tested DLT for commercial paper processing but was unable to implement it successfully after transitioning from an experimental phase.