MUFG Bank and Four Other Banks Establish Tokenized Finance Standards Body in Singapore
Major global financial institutions including MUFG Bank, HSBC, J.P. Morgan's Kinexys, SG-FORGE, and Standard Chartered have established the Global Layer One Organisation (GL1 Org) in Singapore to standardize tokenized financial markets. This nonprofit body transitions the operational leadership of the Monetary Authority of Singapore's (MAS) GL1 framework from the regulator to a private-led consortium. The organization aims to solve the fragmentation caused by proprietary blockchain platforms by promoting interoperability and moving asset tokenization from testing into live production. By refining toolkits for market infrastructure and programmable compliance, the group seeks to align tokenized asset transfers with international standards like the BIS's PFMI. This initiative is critical for the RWA market because it addresses the technical and legal hurdles that currently prevent assets from moving seamlessly across different networks. As these institutions push for common standards, the move signals a shift toward industry-wide network effects that could prevent liquidity silos. Ultimately, the success of GL1 Org will determine how quickly tokenized bonds and deposits can achieve global scale and commercial viability.