European Central Bank Selects 36 Payment Service Providers to Participate in Digital Euro Pilot

The European Central Bank announced the selection of 36 payment service providers to participate in the digital euro pilot, covering banking and non-banking institutions across multiple euro area countries and various business models. The pilot will launch in the second half of 2027 and last for 12 months, primarily to test the technical functionalities, operational processes, and user experience of the digital euro, advancing preparatory work for its potential issuance. This pilot will utilize a test version of the digital euro close to the vision outlined in the legislative draft, but it will not hold legal tender status.