Tokenization projects today are often built vertically, with each initiative solving a specific problem within its own ecosystem. Yet tokenizing an asset in isolation does not deliver the full potential of tokenization. Benefits such as atomic settlement and greater capital efficiency depend on interoperability across the entire transaction chain — from the asset and its supporting infrastructure to trading, settlement and the movement of money. The challenge is how countries and institutions can pursue their own tokenization ambitions while avoiding the fragmentation that siloed approaches risk creating.

This roundtable brings together findings from a year of open-call research, alongside problem statements and perspectives from private-sector practitioners navigating the practical choices, risks and constraints of tokenization. It will explore how a decision-making framework can help countries assess their starting points and ambitions, identify the capabilities required across the transaction chain, and consider different pathways towards more interoperable markets. Looking ahead to 2027, participants will discuss emerging problem statements and the coordination, partnerships and policy support needed to connect individual initiatives into a more coherent financial ecosystem.

Global Layer One (GL1) has brought together policymakers, financial institutions and infrastructure providers to advance an ecosystem of open, interoperable and trusted digital infrastructures. This collaboration has produced practical outputs such as the Programmable Compliance Toolkit, which provides a common approach to implementing compliance across tokenized asset systems, and the Market Infrastructure Toolkit, which is already being used by market infrastructure providers to assess and demonstrate alignment with internationally recognised standards and risk management principles.

This roundtable convenes the GL1 community to share experiences from adopting and applying these toolkits, including practical implementation lessons and considerations for broader adoption. Participants will also look ahead to how this work can be extended to support new use cases and capabilities as the industry progresses towards a programmable financial system.

Tokenized bond and fund issuance is growing quickly, but secondary-market liquidity hasn't kept pace — largely because issuance still sits on separate, platform-specific systems that don't connect to each other.

Interoperability standards exist, but adoption remains voluntary, and what should carry the cash leg (stablecoins, tokenized deposits, or central bank money) is still unresolved. This session brings together issuance platforms, interoperability infrastructure, and standard-setters to discuss what it would take to converge on shared rails, so liquidity can catch up to issuance.