Ripple announced on Wednesday that it has joined the Monetary Authority of Singapore‘s BLOOM initiative alongside supply chain finance technology firm Unloq. The collaboration aims to test programmable cross-border trade settlement using the XRP Ledger and Ripple’s enterprise-focused stablecoin, Ripple USD (RLUSD). The pilot represents a significant step in applying blockchain-based infrastructure to real-world trade finance workflows.
The pilot will leverage Unloq’s SC+ platform, a smart-contract-driven trade finance system that consolidates trade obligations, settlement conditions, and financing workflows into a unified execution layer. Ripple’s XRP Ledger and RLUSD will serve as the underlying settlement infrastructure. According to the announcement, RLUSD payments will be released automatically once predefined commercial conditions are satisfied.
MAS launched BLOOM — an acronym for Borderless, Liquid, Open, Online, Multi-currency — in October 2025 to broaden settlement capabilities through the use of tokenized bank liabilities and regulated stablecoins. The initiative reflects Singapore’s broader push to modernize its financial infrastructure using digital assets. Both tokenized bank liabilities and stablecoins are designated as eligible digital settlement assets under the program.
The pilot follows a notable regulatory development for Ripple in the region. In December 2025, MAS approved an expanded scope of payment activities for the major payment institution license held by Ripple’s Singapore subsidiary, Ripple Markets APAC. That approval came roughly four months before the current BLOOM pilot was announced, signaling growing regulatory confidence in Ripple’s operations within Singapore.
Ripple and Unloq stated that the model is designed to improve visibility into settlement risk and to broaden access to trade finance for smaller businesses. By automating settlement through smart contracts, the pilot seeks to reduce counterparty uncertainty and streamline financing workflows. The companies have not yet disclosed a specific timeline for the pilot’s completion, and Ripple had not responded to requests for additional comment at the time of publication.
Singapore has been steadily advancing its tokenization agenda across multiple financial sectors, including payments, settlement, and capital markets. On November 13, 2025, MAS announced plans to issue tokenized MAS bills to primary dealers, with settlement to be conducted using its wholesale central bank digital currency. The central bank indicated it would release further details about that trial in 2026.
The following day, on November 14, 2025, MAS updated its Guide on Digital Token Offerings to clarify how Singapore’s Securities and Futures Act (SFA) applies to tokenized capital market products and their issuing entities. The revised guide introduced case studies, disclosure expectations, and pilot program criteria intended to support the responsible development of tokenization initiatives. Together, these measures underscore Singapore’s position as an active regulatory environment for digital asset innovation.
Originally reported by CoinTelegraph.
