Ten European Banks Create to Power Tokenized Assets Across the Continent

Ten big European banks have joined forces to build a new blockchain network called Regulated Layer One, or RL1. The goal is simple. They want one shared system for issuing digital bonds, moving digital money, and settling trades between banks.

What RL1 Means for Banks and Investors

RL1 is set up as a cooperative in Luxembourg. Every member bank gets one equal vote on how the network grows. This setup stops any single company from taking control. The network stays private and permissioned, which fits the strict rules banks must follow.

The ten founding banks are ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures, and Seturion. They chose SWIAT technology as the base. This system has already handled more than fifty transactions worth over 700 million euros in the last three years.

Why a Cooperative Model Matters

Most blockchain projects today are run by one firm. RL1 is different. Because it is a cooperative, all members share power. This creates a neutral platform that any European bank can join without fear of being locked out. The plan is to link separate token projects into one liquid market.

Former SWIAT leader Henning Volber now heads RL1. He says the network will act as the backbone for Europe’s digital finance market. Banks can move from small tests to real, large-scale use of tokenized assets.

How RL1 Fits With EU Rules and the Digital Euro

Europe is building clear rules for crypto. The MiCA law is already in place. Lawmakers also support a digital euro that uses zero-knowledge proofs to protect user data. RL1 meets the same high security standards banks need. It can work alongside the digital euro and stablecoins.

The timing is good. Real-world asset projects are leaving the pilot stage. Tokenized money market funds and digital deposits are growing fast. RL1 gives banks a ready-made place to issue and trade these assets across borders.

Next Steps and Who Can Join

State banks KfW and L-Bank already back the project. Talks continue with more banks, including NatWest. The cooperative is open to new members that meet the rules. The focus stays on tokenized bonds, digital cash, and fast interbank settlements.

By working together, these banks hope to cut costs and speed up settlement. They also want to keep Europe competitive as other regions build their own digital asset systems.

RL1 shows that big banks are ready to use blockchain in a regulated way. The cooperative approach could become a model for other regions that want shared, neutral infrastructure without giving control to one company.