The European Central Bank is preparing to put some of its own money into tokenized securities, moving from building the plumbing for digital asset markets to buying in them. Settlement will occur in central bank money, routed through Pontes, the system the Eurosystem has built for trades running on distributed ledger technology. What the bank intends to buy is conventional enough in substance: euro-denominated debt issued by central and regional governments in the euro area, by their agencies, a...