Welcome to the Monday edition of the 51 Insights digital asset newsletter.

The ECB has given banks a way to buy tokenized securities without stablecoins. I think the bigger story is who gets to provide the money behind those markets.

Here's what matters in digital assets at the beginning of this week:

• Pontes opens central-bank settlement for tokenized assets

• Bastion gets conditional OCC approval

• The SNB assesses monetary policy Thursday

01 / MARKET INFRASTRUCTURE

The ECB gives banks a way around stablecoins

What's going on here?

The Eurosystem launched Pontes on Monday. Thirteen market participants and four DLT operators are onboarded, including Deutsche Bank, Santander and Clearstream. The Bundesbank has also joined. Banks can now settle eligible tokenized trades in central bank money.