Karla Barker 
The European Central Bank is shifting the digital euro from planning into active testing. On Tuesday, the ECB announced it had selected 36 payment service providers, or PSPs, to join a pilot program for the digital euro. The project is moving forward as governments worldwide take different approaches to central bank digital currencies.
The list of selected PSPs includes well-known fintechs like Stripe and Revolut, alongside traditional banks such as Deutsche Bank, UniCredit, and BPCE. Interestingly, Revolut has recently adjusted some of its cryptocurrency services for EU users, phasing out support for Tether USDt. That move might be unrelated, but it shows the company is fine-tuning its digital asset offerings in the region.
Italy leads the pack of pilot participants
The ECB began the selection process earlier this year. After opening a call for interest in March 2026, the central bank received more than 50 applications from payment companies. The 12-month pilot is set to start in the second half of 2027.
Italy has the largest number of selected participants, with seven companies joining the effort. These include UniCredit, Poste Italiane, Nexi Payments, Banca Sella, Banca Monte dei Paschi di Siena, Isybank, and Numia. Germany follows with five providers. Portugal and Greece each have three. The ECB said the mix of countries is meant to create a broad testing environment. Selected providers can also offer pilot services outside their home markets.
Strong interest from the private sector
Piero Cipollone, an ECB Executive Board member who chairs the high-level task force on a digital euro, said the level of participation shows private-sector interest in helping develop the currency. He added that the central bank expects deeper cooperation with payment providers during the pilot.
“We look forward to deeper engagement as we work with and learn alongside European payment service providers in developing a secure, efficient and inclusive digital euro,” Cipollone said.
The pilot involves the ECB and the central banks of 19 euro-area members, including Belgium, Germany, France, Italy, Spain, and the Netherlands. Payment companies and merchants will also test the system before any potential token issuance.
Selected providers will have different responsibilities during the trial. Some will focus on supporting user access to beta digital euro services. Others will help merchants accept payments. Several companies will take on both roles, the ECB noted.
This development comes as the US has moved to block the Federal Reserve from issuing a CBDC, highlighting the contrasting paths major economies are taking on digital currencies.