[European Central Bank Executive Board Member: Central Banks Should Go On-Chain, Stablecoins Cannot Replace Central Bank Reserve Settlement] Foresight News reports that European Central Bank (ECB) Executive Board Member Isabel Schnabel stated during a speech titled 'Central Banks On-Chain' at the Jackson Hole Symposium that tokenization can enable atomic settlement and programmability, helping to reduce settlement risks in scenarios such as cross-border repos and integrate the fragmented financial infrastructure of the Eurozone. She emphasized that stablecoins lack elastic liquidity supply, especially during periods of stress, and cannot replace central bank reserves as the ultimate settlement asset. Instead, they are better viewed as regulated supplementary payment tools rather than substitutes. If tokenized bank deposits can be settled in central bank money, are programmable, and interoperable with tokenized assets, they could provide the core functionalities sought by stablecoins. She advocated for central banks to natively issue tokenized reserves on distributed ledger technology (DLT) to support monetary policy, collateral management, and liquidity provision. The ECB is advancing Project Appia and the soon-to-be-launched Project Pontes, exploring the synchronization of TARGET services with DLT platforms, ultimately aiming to achieve native tokenization based on central bank money and 24/7 operations.