Mitsubishi UFJ Bank, HSBC, JPMorgan and 2 other companies establish a standardization body for tokenized finance
Original headline三菱UFJ銀行やHSBC、JPモルガンなど5社、トークン化金融の標準化団体を設立
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Mitsubishi UFJ Bank, HSBC, and JPMorgan's Kinexys were among five firms that launched GL1 Org, a non-profit standardization body for tokenized finance, in Singapore on June 4. The organization takes over a Monetary Authority of Singapore-led initiative and shifts it to industry leadership, aiming to develop and promote common standards so tokenized assets on blockchains can be handled across different platforms. The move matters because fragmentation across tokenization platforms is a key barrier to institutional adoption, and a shared standards framework could ease interoperability. What to watch next is whether GL1 Org attracts broader membership beyond the five founding firms and how quickly its standards are adopted across tokenized asset platforms.
Muhabbit's AI wrote this summary in its own words from CoinPost's report and translated it from Japanese. It can get details wrong, so check the source.
Named in this story
GL1 Org, MUFG Bank, HSBC, JPMorgan Kinexys, MAS, Singapore