The pilot is part of a broader MAS initiative to extend settlement capabilities using tokenized bank liabilities and regulated stablecoins.
Ripple has joined a pilot program run by the Monetary Authority of Singapore (MAS), partnering with trade finance platform Unloq to build blockchain-based cross-border settlement infrastructure, according to a press release today, March 25.
The pilot will leverage Unloq’s trade finance platform, which bundles trade obligations, settlement conditions, and financing workflows into a single execution layer, alongside Ripple’s XRP Ledger and its enterprise-focused stablecoin, RLUSD. The pilot is part of BLOOM — short for Borderless, Liquid, Open, Online, Multi-currency — a MAS initiative to extend settlement capabilities using tokenized bank liabilities and regulated stablecoins. MAS is both Singapore’s central bank and primary financial regulator.
The use case targets a persistent inefficiency in global trade: payments that must be released only when predefined commercial conditions — like shipment verification — are confirmed, according to the release. Ripple says the structure improves risk transparency and could open up financing access for small and medium sized businesses caught in cross-border settlement limbo.
“Singapore continues to take a leading role globally in providing the regulatory clarity necessary for the digital asset space to thrive,” said Fiona Murray, Ripple’s managing director for the Asia Pacific region.
Singapore is known for having one of the earliest and most robust crypto-specific regulatory frameworks globally. The Defiant previously covered how MAS finalized its stablecoin regulatory framework back in August 2023, which requires issuers to peg to a single G10 currency and maintain full reserve backing — conditions RLUSD is designed to meet.
As The Defiant reported, RLUSD crossed $1 billion in circulating supply late last year, and the stablecoin’s supply now sits at $1.43 billion. Last August, Ripple acquired stablecoin infrastructure platform Rail for $200 million to bolster its payments ecosystem. In October, the firm completed its acquisition of global prime broker Hidden Road in October, which it rebranded to Ripple Prime.
The company has been pushing RLUSD into enterprise rails across multiple jurisdictions, including a partnership with OpenPayd to enable euro and sterling cross-border flows.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
