According to CoinMeta, Isabel Schnabel, a member of the Executive Board of the European Central Bank, stated at the Jackson Hole meeting on August 28 that as tokenized finance expands, central banks should move their reserves onto blockchain to improve settlement, collateral management, and the implementation of monetary policy. This proposal is being implemented in Europe, with the euro system preparing for a Pontes project in September, while a group of 61 industry members has begun working on a long-term Appia framework. Schnabel believes that bringing central bank reserves into programmable infrastructure will allow for the mutual exchange of cash and securities, thereby reducing settlement risks while maintaining central bank money as the ultimate settlement asset.