DEA Quarterly Insights: Shaping the Future of Digital Money | Q1 2026

Welcome to the latest edition of the Digital Euro Association's Quarterly Insights! 

This comprehensive blog post presents a concise overview of our association's activities and achievements over the past three months. As we continue to navigate the ever-changing landscape of digital money, this summary highlights our strides in promoting financial innovation, fostering education, and exploring groundbreaking initiatives.

Join us on this exciting journey as we delve into the key milestones and accomplishments that shape the future of digital money!

Distinguished People and Public Affairs

Exchange with Fernando Navarrete - European Parliament Rapporteur

In March 2026, the DEA had the opportunity to engage in a high-level exchange with the office of Fernando Navarrete, European Parliament Rapporteur on the Digital Euro Regulation – a key role in shaping the final legislative framework. On behalf of the DEA, the discussion was led by Anne-Sophie Kappel and Anne-Sophie Gógl. At this decisive moment in the legislative process — ahead of upcoming ECON milestones and trilogues — we discussed some of the core strategic questions shaping Europe’s digital monetary future:

- the scope debate: online + offline vs offline-first
- the digital euro’s contribution to European payment sovereignty
- the interaction with private market solutions such as stablecoins
- implications for banks, PSPs, merchants and the broader ecosystem

As Europe defines its digital money architecture, clarity of ambition and coherence of design are essential. The DEA emphasised the importance of ensuring that the digital euro framework strengthens Europe’s strategic autonomy, competitiveness and long-term monetary positioning in an increasingly digital and global payments landscape.

top from left to right: Anne-Sophie Kappel (DEA) and Fernando Navarrete (European Parliament) bottom from left to right: Anne-Sophie Gógl (DEA) and Alejandro Lopez Perez (European Parliament)

DEA Publications

ECB Focus Session on Digital Euro Pilot (15 January 2026)

This year’s first member briefing examined the ECB’s first focus session on the digital euro pilot, providing an overview of the Eurosystem’s evolving technical readiness phase and engagement with payment service providers.

The DEA examined the structure and objectives of the planned pilot, the role of PSPs and national central banks, and the ECB’s latest thinking on front-end and back-end integration, settlement architecture and operational governance. It also highlighted key signals regarding timelines, implementation priorities and the broader trajectory of the digital euro project ahead of potential issuance decisions.

💎 Access is exclusive for DEA members. Know more about the DEA memberships here.

DEA Exchange with Digital Euro Rapporteur MEP Fernando Navarrete

Following the DEA’s exchange with the office of MEP Fernando Navarrete Rojas, rapporteur for the European Parliament’s digital euro file, we created a briefing to provide our members with an analysis of the evolving political direction of the legislative process.

We explored key themes shaping current parliamentary discussions, including the role of the private sector, the positioning of wholesale and retail CBDC, governance and financial stability considerations, and broader debates around strategic autonomy and payment sovereignty.

The briefing also highlighted emerging questions regarding competition, mandatory acceptance, rulebook governance and the future structure of Europe’s digital payments ecosystem ahead of further parliamentary deliberations and stakeholder engagement.

💎 Access is exclusive for DEA members. Know more about the DEA memberships here.

ECB Appia Roadmap & Consultation

Another member briefing examined the Eurosystem’s newly published Appia roadmap together with insights from the ECB’s subsequent focus session on wholesale central bank money and tokenised settlement infrastructure.

We explored how the Eurosystem is positioning tokenisation, interoperability and wholesale central bank money within the future evolution of European financial market infrastructure. It also analysed the relationship between the short-term Pontes initiative and the longer-term Appia vision, including the ECB’s emerging thinking on settlement models, ecosystem design and public-private cooperation.

In addition, the briefing highlighted broader questions around interoperability between DLT platforms, the role of tokenised settlement assets, governance and market structure, as well as the significance of the Eurosystem’s ongoing consultation process for shaping Europe’s future wholesale financial architecture.

💎 Access is exclusive for DEA members. Know more about the DEA memberships here.

DEA Events 

CBDC Committee

On 10 February 2026, the Digital Euro Association officially launched its new CBDC Committee, creating a dedicated platform for structured discussion on central bank digital currencies and the evolving digital euro landscape.

The committee was established at a key moment for the digital euro debate, as discussions increasingly move from exploration toward implementation, regulatory design, ecosystem participation, and adoption. Bringing together representatives from across the public and private sectors, the committee aims to surface market perspectives, identify key challenges, and contribute informed insights on the future of digital money in Europe.

Meeting on a monthly basis, the committee held sessions in both February and March 2026, focusing on stakeholder perspectives around the Digital Euro Regulation, adoption challenges, ecosystem incentives, and offline functionality.

A core objective of the committee is to facilitate constructive dialogue with policymakers involved in the legislative process. In this context, the committee is also serving as a platform to structure stakeholder questions and support upcoming exchanges with Members of the European Parliament ahead of the expected ECON discussions on the digital euro.

Join Us! DEA institutional members gain access through their existing tier. We hope to hear your voice at the next call!

Stablecoin Committee

In Q1 2026, DEA’s Stablecoin Committee continued to provide members with a neutral forum for tracking the rapidly evolving stablecoin landscape across Europe and globally.

Sessions covered MiCAR implementation, the licensed EMT universe, the end of the PSD2-MiCAR “No Action” period, euro stablecoin competitiveness, stablecoin sovereignty, yield separation models, redemption and liquidity design, and the relationship between stablecoins, tokenised deposits, and the digital euro.

The Committee combined regulatory monitoring with market intelligence and structured discussion, helping members assess how stablecoin policy, infrastructure, and institutional adoption are developing in real time. 

DEA Member Spotlight Series | Episode 5 - Programmability beyond Smart Contracts

In March 2026, Tamara F Schmidt interviewed Lars Hupel, Chief Evangelist at Giesecke+Devrient (G+D), for a sharp and insightful exploration of one of the most debated topics in digital money: programmability.

As the discussion around programmable payments continues to evolve, central banks remain cautious about introducing programmable features into retail CBDCs, while in the wholesale space they are often seen as essential. Add stablecoins and tokenised deposits to the equation, and the landscape becomes even more complex.

In this session, Lars cut through the noise and offered a structured perspective. G+D proposes a more nuanced approach: choosing the right level of programmability for the right use case. From conditional payments to fully fledged smart contracts, they outlined a hierarchy of models and explained how different stakeholder objectives can be achieved in multiple ways.

Watch the episode 👇

Digital Euro Conference 2026 (DEC26)

On March 26, 2026, the Digital Euro Conference returned to Frankfurt for its fourth edition, bringing together central bankers, regulators, financial institutions, fintechs, and enterprise innovators to unpack the real-world evolution of money.

DEC26 is where theory meets implementation. With the EU's MiCAR regulation in force, programmable payments on the rise, and tokenized finance gaining traction, the market is moving fast. This conference explored what’s being built, what’s working, and what’s next.

Expect cutting-edge keynotes, sharp panels, insightful roundtable discussions and meaningful cross-sector conversations.

Read the conference recap 👇
https://digital-euro-association.de/blog/the-digital-euro-conference-2026-a-recap 

See photo gallery 👇
https://vpictures43.pixieset.com/digitaleuroconference2026/  

Watch the official aftermovie 👇

Watch the complete programme 👇

Main Stage (Audimax):

Innovation Room:

Events DEA attended

In January, DEA had the opportunity to participate in the following events:

• Digitaler Euro - Eine Chance für Europa! Bundesbank Spotlight. Anne-Sophie Gógl and Lena Grale from the DEA board were part of the Bundesbank Spotlight event, engaging with a wide range of stakeholders from across the ecosystem.

from left to right: Anne-Sophie Gógl (DEA), Joachim Nagel (Deutsche Bundesbank), and Lena Grale (DEA)

• Beyond Cash, Code & Monetary Power (The Hague University of Applied Sciences)
  Presentation and Panel Discussion: The Future of Payments - Cross-Border Payments: Faster, Not Fixed
  Presentation and Panel Discussion: Will the US Dollar Be Dethroned? - How Digital Money Is Reshaping Dollar Power

on stage from left to right: Julia Symon (Finance Watch), Brunello Rosa (Rosa & Roubini), Andreea Grivinca (The Hague University of Applied Sciences), and Tamara F Schmidt (DEA)

February:

• Digital Asset Forum London 2026
  Panel Discussion: Instant Cross-Border Payments: A Risky Business?
  Panel Discussion: RWAs: Is There Real Institutional Demand?

from left to right: Anne-Sophie Kappel (DEA), Kamran Shahin (Mastercard), Alexandra Soroko (Visa), Mehtaj Syed (Kinexys), Joe Vollone (STBL), Stani Kulechov (Aave)

from left to right: Anne-Sophie Kappel (DEA), Patrick Hennes (DZ Privatbank), Artem Tolkachev (Falcon Finance), Mykolas Majauskas (Bybit), Mike Manning (Ava Labs), Roger Bayston (Franklin Templeton)

March:

• Let’s Talk Digital Assets. A high-level gathering, hosted by our member Accenture, focused on one of the most relevant topics in finance today: the evolution of digital forms of money. From the DEA board, Anne-Sophie Gógl and Lena Grale attended the event and joined discussions with experts exploring practical use cases and the broader implications of digital assets for the financial ecosystem. It was particularly valuable to see the conversation grounded in real-world applications and current initiatives.

from left to right: Burkhard Balz (Deutsche Bundesbank), Anne-Sophie Gógl (DEA), Dr. Nils Beier (Accenture), Dorothea Gibson (Accenture), and Lena Grale (DEA)

• Crypto Assets Conference 2026
  Panel Discussion: Permissioned Markets, Public Networks, and the Interoperability Standard – What is needed for the Next-Gen Market Architecture?

The DEA remains committed to pioneering the future of digital money, driven by innovation, collaboration, and a shared vision of a digitally empowered world. As we look ahead to the next quarter, we are excited to embark on new endeavors, expand our horizons, and continue making a positive impact. Thank you for being a part of our journey!

⏪ Previous Edition: https://digital-euro-association.de/blog/dea-quarterly-insights-q4-2025  

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