Financial technology firm Ripple said Wednesday it has joined the Monetary Authority of Singapore’s (MAS) BLOOM initiative alongside supply chain finance platform Unloq to pilot programmable cross-border trade settlements using the XRP Ledger and its RLUSD stablecoin.
The trial will leverage Unloq’s SC+ infrastructure, a smart contract–driven system that combines trade obligations, settlement conditions, and financing workflows into a single execution layer. It will also integrate Ripple’s XRP Ledger (XRPL) and its enterprise-focused stablecoin, Ripple USD (RLUSD), according to the announcement.
MAS launched BLOOM—short for Borderless, Liquid, Open, Online, Multi-currency—in October 2025 to enhance settlement systems using tokenized bank liabilities and regulated stablecoins.
The initiative follows MAS granting Ripple’s Singapore subsidiary, Ripple Markets APAC, an expanded payments license scope in December 2025, less than four months before the pilot.
Ripple and Unloq said the project will use digital settlement assets such as stablecoins and tokenized bank liabilities, with RLUSD payments triggered automatically once predefined commercial conditions are met. The model aims to improve transparency around settlement risk and expand access to trade finance, particularly for small and medium-sized businesses.
Singapore pushes ahead on tokenization
Singapore has continued advancing its tokenization strategy across payments, settlements, and capital markets.
On Nov. 13, 2025, MAS revealed plans to issue tokenized MAS bills to primary dealers, to be settled using a wholesale central bank digital currency, with further details expected in 2026.
The following day, MAS updated its Guide on Digital Token Offerings, clarifying how the Securities and Futures Act applies to tokenized capital market products and issuers. The revised guidance included case studies, disclosure standards, and pilot criteria to support responsible development in the tokenization space.
