RL1 Launches Regulated Blockchain Network With 10 Banks 

• RL1 launches with 10 financial institutions as founding members.
• The network takes ownership of SWIAT distributed-ledger infrastructure.
• RL1 targets tokenized assets, bonds, and digital settlement.

Regulated Layer One (RL1) announced it has started operations as a Luxembourg-based cooperative focused on regulated tokenized markets and digital money. The network is owned by 10 financial institutions and uses the distributed-ledger infrastructure previously developed by SWIAT.

The launch transfers network ownership to RL1, while SWIAT continues providing software services and technical operations. The announcement did not include a new token, public investment product, or approval for a specific security.

RL1 Begins Operations With Bank Backed Governance Structure

RL1 was launched on July 28 as a European Cooperative Society with equal voting rights among its founding members. The group includes ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures, and Seturion.

The cooperative will operate through a general assembly, supervisory board, and operational management board. The private and permissioned network remains open to additional regulated financial institutions.

Former SWIAT managing director Henning Vollbehr will lead RL1. NatWest is listed as “joining soon,” while KfW and L-Bank are supporting network expansion efforts but are not part of the founding group.

Additionally, RL1 is based on SWIAT’s existing production network. The platform processed more than 50 transactions worth over €700 million before the cooperative launch.

RL1 Uses SWIAT Infrastructure for Tokenized Markets

SWIAT’s production record provides the foundation for RL1’s operations. The previous network ran for three years before ownership moved to the new cooperative structure.

SWIAT will continue supporting applications, including electronic securities registry services in Germany. The company said these services can move to RL1 without changing the software layer.

RL1 aims to support tokenized bonds, funds, real-world assets, collateral, repo transactions, securities lending, and digital money. The network also lists stablecoins and commercial or central-bank money as possible settlement options.

However, these remain planned use cases. RL1 has not confirmed that all listed products are currently available on the network.

RL1 Prepares Future Tests Through Blockchain Bonds

A major test for RL1 could involve KfW’s third blockchain bond. The German development bank issued the €100 million security in June and plans to migrate its registrar and underlying ledger from Cashlink and Polygon to DekaBank and SWIAT/RL1.

KfW also plans to connect future payments through the Eurosystem’s Pontes infrastructure. The migration and connection process have not yet been completed.

Moreover, RL1’s expansion will depend on additional members, applications, and completed network migrations. The cooperative has not published transaction targets or a timeline for moving all SWIAT services.

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