A digital asset
investment fund
Viska is an alternative investment fund based in Iceland that invests in digital assets.
Viska is an alternative investment fund based in Iceland that invests in digital assets.
The European Central Bank (ECB) is now exploring public blockchains, specifically naming Ethereum and Solana, as potential infrastructure candidates for the digital euro. An official technical report that came out in mid-July marked a significant shift in the central bank's approach, moving the conversation from private ledgers to the established networks that form the backbone of the existing digital asset ecosystem.
The Financial Times initially reported on this plan on 22.8.25
The ECB's report details how the trial was designed to test the viability of DLT for a central bank digital currency (CBDC). While many state-backed projects have defaulted to creating private, "closed systems," this new document acknowledges the superior innovation and capabilities of public blockchains. The research focuses on the technical capacity of networks like Ethereum and Solana to handle the immense transactional volume a digital euro would require, signaling a sensible turn towards leveraging existing, battle-tested infrastructure.
The selection of Ethereum and Solana is a clear acknowledgment of where true innovation occurs. The report highlights their advanced smart contract features and large developer communities as key reasons for their inclusion. This stands in stark contrast to private alternatives, which lack the vast, open environments where new applications can be easily built and connected. By looking at these chains, the ECB is considering platforms that offer a future of open innovation, rather than a centrally-controlled system.
Data from Messari shows how public Blockchains can handle a large amount of transaction volume while keeping fees low.
The concept of a state-controlled CBDC itself raises significant concerns about financial privacy and freedom. A purely private ledger could enable unprecedented surveillance and programmatic control over user funds, such as restricting certain purchases or setting expiry dates on money. The ECB's exploration of public chains could introduce a potential solution to this dilemma. Using a network like Ethereum or Solana could offer a degree of transparency and censorship resistance that is impossible to achieve in a closed system. The core challenge for the ECB is therefore not just technical, but ideological: how much control is it willing to give up to gain the trust and benefits of an open network?
The ECB's exploration of Ethereum and Solana is an important moment that brings the fundamental debate about the future of money into sharp focus. Acknowledging public chains is a step in the right direction, away from the negative potential of a fully private CBDC. The final choice will be a defining one, with major implications for user privacy and economic freedom, ultimately determining whether the digital euro becomes a tool for openness or for control.
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