The Banque de France and Euroclear have announced "Project Pythagore," a joint initiative to tokenize the European Union's commercial paper market, which has an outstanding balance of €310 billion. The project aims to integrate France's pilot wholesale central bank digital currency (CBDC) into the European Central Bank's "Project Pontes" distributed ledger technology (DLT) settlement system. The official launch is planned for the end of 2026. This initiative follows previous attempts by France to use DLT for commercial paper processing, which did not achieve widespread adoption.