The Global Layer 1 is a multi-bank initiative focused on the atomic settlement of tokenized bonds and multi-currency cash, supported by the Monetary Authority of Singapore. The initiative aimed to establish a global ledger for financial services by connecting five major global banks through a shared EVM-based infrastructure to test programmable workflows across EUR, USD, and JPY, where each bank could bring its own IP.

The initiative needed to demonstrate that multiple custody models, compliance-aware tokens, and privacy-preserving transaction layers could interoperate seamlessly across five globally significant financial institutions, while supporting atomic DvP and PvP settlement for both FX and securities, and enabling each participating bank to retain its own intellectual property on a shared infrastructure.

Kaleido provided the technology platform and development flows underpinning the Global Layer 1, including the shared EVM-based infrastructure and smart contracts supporting atomic DvP and PvP flows for FX and securities settlement. Kaleido's platform powered the issuance of tokenized bonds via the CAST framework and supported two FX models — embedded FX execution and competitive brokerage — with real-time pricing and on-chain liquidity.

The project demonstrated how multiple custody models, compliance-aware tokens, and privacy-preserving transaction layers could interoperate seamlessly across participating institutions.