Regulated Layer One (RL1)
Regulated Layer One (RL1) is a permissioned blockchain for the European financial industry, operated as a non-profit shared utility by a Luxembourg-based cooperative in which every member institution holds equal voting power. Founded in July 2026 by ten institutions including ABN AMRO, Crédit Mutuel Alliance Fédérale and DZ BANK, it supports bank-issued digital money, tokenized bonds, collateral management and blockchain-based settlement, running on infrastructure developed by German fintech SWIAT that has processed over 700 million euros across three years of production use.
A member-owned cooperative blockchain giving European banks shared, neutral settlement rails for tokenized assets and bank-issued digital money. Notable as cooperative — rather than corporate — financial infrastructure, but permissioned, fiat-native and institution-only. Weighted M69 score: 2.0 (minimally aligned).
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x2.0
The network itself issues nothing; money on RL1 is bank-issued digital EUR — debt-based commercial bank money from a permissioned issuer set, with no real-economy issuance signal.
Spending Power Stability2x2.0
Digital money on RL1 is a 1:1 claim on issuing banks in EUR, a comparatively strong fiat; three years of production use but only ~50 transactions, and no mechanism beyond bank redeemability.
Fiat Independence & Interoperability2x1.0
The network exists to move fiat-denominated instruments on bank rails; unit of account, collateral and infrastructure are all fiat-banking-native. Multi-bank issuance on shared rails is the only interoperability positive.
Traction2x2.0
Live with real settled value (700M EUR over three years) and 11 member institutions plus KfW/L-Bank support, but participation is a dozen banks, not a user base, and cultural identity is nil.
Sovereignty2.0
Permissioned and censorable by design, dependent on a single technology provider (SWIAT), and fully inside EU regulatory jurisdiction; the member-owned cooperative structure only softens this.
Governance3.0
Genuine formal governance: European Cooperative Society with equal voting per member, elected supervisory board and documented structure — though deliberation is closed and monetary rules have no special protection.
Resilience3.0
Three years of incident-free production and durable bank funding as a non-profit utility, but heavy dependency on SWIAT as sole technology operator and no adversarial stress history.
Inclusivity2.0
Institutions only — no public access, full KYB gating, benefits accrue to member banks. Equal treatment applies within the cooperative but the public is excluded by design.