Second Stella report published

The European Central Bank (ECB) has published the findings from the second phase of the Stella project, which is a joint research initiative run by the Bank of Japan and the ECB to examine the possible use of distributed ledger technology (DLT) in financial market infrastructures.

The second Stella report examines the possibilities of conceptually designing and operating securities settlements within a DLT environment. According to the report, delivery-versus-payment (DVP) models could operate within DLT environments, but would be influenced by the specificities of the different DLT platforms. The Stella report concludes that DLT offers a new approach for achieving DVP between ledgers without the need for any connection.

The first Stella report focused on the operation of payment system functionalities within DLT environments. The first phase findings were published in September 2017.