ABN AMRO and nine other banks launched RL1, a permissioned blockchain with no token and no airdrop. The network targets tokenized bonds and regulated stablecoins on a cooperative owned infrastructure in Luxembourg.
Ten European banks including ABN AMRO, DekaBank, and Natixis CIB just started operating a blockchain network built for regulated capital markets. RL1, short for Regulated Layer One, began operations on July 28, 2026. There is no token, no airdrop, and no governance coin. The network is a member-owned European Cooperative Society headquartered in Luxembourg.
RL1 runs as a permissioned distributed ledger focused on tokenized assets, payments, settlement, and capital market applications. The network builds on the existing SWIAT platform, which has already processed more than €600 million in transaction volume in live use. SWIAT GmbH will continue serving as the technical operator and software provider. Governance of the cooperative ensures each member gets an equal vote, so no single bank dominates.
The use cases include digital bond issuance, real world asset tokenization, on-chain collateral management, and regulated stablecoins. The cooperative structure, organized as a European Cooperative Society (SCE), gives every founding member an equal voice.
The initiative was first announced on September 29, 2025, with ten founding institutions. Membership has expanded further in 2026, though the banks involved have not yet disclosed all new entrants.
The platform explicitly excludes public crypto tokens. There are no native assets, no speculative instruments, and no bridges to public chains. RL1 positions itself as infrastructure that works alongside the existing financial system and central bank currencies.
Real world asset tokenization has been a slow burner for years. Networks like RL1 could accelerate that by giving regulated institutions a compliant venue to issue and trade digital securities. The SWIAT predecessor already passed €600 million in transaction volume. A cooperative backed by ten-plus major banks could scale that figure sharply.
Competing networks include JPMorgan's Onyx platform, Canton Network, and various central bank digital currency pilots. All are chasing the same institutional workflows. RL1's cooperative ownership model and European regulatory alignment give it a different pitch with EU domiciled institutions navigating MiCA and the DLT Pilot Regime.
A retail audience that memorized the exact launch date and cooperative structure of RL1 likely connects with the proposition that regulated institutions, not anonymous developers, now drive blockchain adoption in Europe. The network's first months will show whether volume on the SWIAT base layer translates into a broader ecosystem of tokenized bonds and stablecoins.
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