Ripple has announced its participation in the Monetary Authority of Singapore’s (MAS) BLOOM initiative, in collaboration with supply chain finance firm Unloq. The two companies will pilot programmable cross-border trade settlement utilizing the XRP Ledger and the enterprise stablecoin RLUSD.
BLOOM, which stands for Borderless, Liquid, Open, Online, Multi-currency, was established by MAS in October 2025. The initiative aims to enhance settlement capabilities through the use of tokenized bank liabilities and regulated stablecoins, offering a controlled environment for real-world testing of these financial instruments within trade finance scenarios.
The pilot program will leverage Unloq’s SC+ infrastructure, a smart-contract-based platform that integrates trade obligations, settlement conditions, and financing workflows into a cohesive execution layer. This setup allows for the automatic release of RLUSD payments once specific commercial conditions are met.
Ripple and Unloq’s proposed model seeks to enhance transparency surrounding settlement risks and broaden access to trade finance for smaller businesses, which often encounter significant barriers in traditional financing ecosystems. This development comes on the heels of MAS granting Ripple Markets APAC, Ripple’s Singapore subsidiary, an expanded scope of payment activities. This approval, which also included a major payment institution license, was issued in December 2025.
Singapore’s commitment to embracing tokenization has been evident, as demonstrated by MAS’s announcement in November 2025 regarding the issuance of tokenized MAS bills to primary dealers, set to be settled using the country’s wholesale central bank digital currency. Further details regarding this trial are anticipated in 2026.
Additionally, MAS updated its Guide on Digital Token Offerings in November 2025 to better clarify how the Securities and Futures Act pertains to tokenized capital market products. This update included case studies, disclosure requirements, and pilot program criteria to facilitate responsible innovation in this burgeoning sector.
