PANews reported on October 14th that, according to Ledger Insights, the Banque de France, the French central bank, and Euroclear, the European Central Bank, have jointly launched “Project Pythagore,” a project aimed at tokenizing the circulating European Union (NEU) commercial paper market, which currently has an outstanding balance of €310 billion. The two parties plan to officially launch the project by the end of 2026, with France’s pilot wholesale central bank digital currency (CBDC) as part of the European Central Bank’s “Project Pontes” wholesale distributed ledger technology (DLT) settlement system. France has previously attempted to use distributed ledger technology to process commercial paper, but while it advanced beyond the pilot phase, it ultimately failed to achieve widespread success.