Ripple is currently piloting a new trade finance model centered around its RLUSD stablecoin, aiming to enhance the speed of cross-border payments while minimizing reliance on manual processes. This initiative, developed in collaboration with supply chain finance firm Unloq, is being tested on the XRP Ledger within BLOOM, a regulatory sandbox established by the Monetary Authority of Singapore. The primary objective of this pilot is to explore the potential of stablecoin-based settlements to optimize trade finance operations.
In traditional trade finance, payments often involve several intermediaries, extensive document verification, and slow reconciliation processes that have remained stagnant for decades. Ripple’s pilot focuses on automating the payment flows associated with specific trade conditions. The new system allows funds to be automatically released once predefined requirements are satisfied, such as confirmation of shipment or completion of contractual obligations.
In this pilot, RLUSD will act as the settlement asset, operating on Unloq’s SC+ platform. The integrated structure combines trade obligations, financing rules, and payment execution into a single framework on the XRP Ledger. By consolidating these components, Ripple and Unloq aim to eliminate delays caused by fragmented workflows traditionally seen in the sector.
Traditionally, trade finance deals with numerous checks among banks and intermediaries. The cumbersome processes of documentary credits, compliance checks, and correspondent banking can stretch settlement timelines to several days or even weeks. The new pilot aims to significantly shorten this cycle by directly linking payment releases to verified trade data, thereby enhancing efficiency.
The trial will unfold within the BLOOM sandbox, which stands for Borderless, Liquid, Open, Online, Multi-currency. Launched in October 2025, this sandbox supports testing of tokenized bank liabilities and regulated stablecoins. Within this controlled environment, Ripple and Unloq will assess whether RLUSD can effectively replace manual procedures that have long hindered cross-border trade. The test will also evaluate how increased automation can improve visibility into settlement risk, an ongoing challenge for firms operating across different jurisdictions.
The pilot promises clearer tracking of payment statuses and aims to reduce uncertainties regarding the timing of settlements, potentially empowering smaller companies to access trade finance by lowering the operational barriers associated with outdated systems.
Ripple introduced RLUSD in December 2024, primarily aimed at institutional use, and the stablecoin has since grown to a market value of approximately $1.5 billion, positioning it among the larger digital assets utilized for payments. This BLOOM pilot follows a series of recent regulatory advancements in Singapore. In December 2025, the Monetary Authority of Singapore approved a broader range of payment activities for Ripple Markets APAC, thereby strengthening Ripple’s presence in the region.
In addition to its efforts in Singapore, Ripple is also strategically planning to expand its operations into Australia. The company aspires to acquire BC Payments Australia Pty Ltd, which would facilitate its acquisition of an Australian Financial Services License, subject to completion.
This collaboration with Unloq is indicative of a wider trend in financial markets to digitize trade finance infrastructure. By integrating settlement, financing, and verification processes on a distributed ledger, the pilot seeks to determine whether stablecoins can effectively address the inefficiencies present in existing trade finance systems. The outcome of the BLOOM trial will provide insights into the efficacy of RLUSD as a settlement asset and assess whether automated payment triggers can indeed decrease delays without introducing new risks. The findings may also shape future regulatory and institutional approaches to employing stablecoins in cross-border trade.
