Ripple has joined the BLOOM program run by the Monetary Authority of Singapore (MAS). The company is testing its stablecoin RLUSD as an automated settlement asset for trade finance. Its operational partner is Unloq, a Singapore-based fintech developing supply chain finance technology.
The pilot links trade data directly to payment triggers on the XRP Ledger. Once the system verifies predefined conditions, such as shipment confirmation, it automatically initiates RLUSD payments. The goal is a faster and more transparent settlement process for cross-border trade transactions. For Ripple, the move into Singapore is another building block in a broad APAC regulatory strategy.
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BLOOM - Singapore's infrastructure for tokenized settlement
BLOOM stands for Borderless, Liquid, Open, Online, Multi-currency. The MAS launched the program on October 16, 2025, to enable cross-border settlement through tokenized bank liabilities and regulated stablecoins. It builds on Project Orchid, the MAS initiative running since 2021 to explore a digital Singapore dollar infrastructure across more than ten pilot projects.
The program counts 16 participants. These include Singapore's four major banks, JP Morgan, Thailand's Kasikornbank, Circle, Stripe, Coinbase, Anchorage Digital, and Standard Chartered. Ripple is therefore entering an already institutionally occupied field. BLOOM covers G10 and Asian currencies. Use cases include corporate treasury management, trade finance, and so-called agentic payments, meaning autonomous AI-driven payments.
The program's core principle is value equivalence across all forms of money. One Singapore dollar always equals one SGD, whether as a traditional bank deposit, tokenized deposit, or stablecoin. This is designed to build trust among institutional participants. At the same time, the mechanism ensures interoperability between different forms of money within the system.
How the Ripple RLUSD Singapore pilot works
In the specific pilot project, Ripple is working with Unloq. The fintech provides the technical foundation through its SC+ platform. It bundles trade obligations, settlement conditions, and financing workflows into a single execution layer. On this basis, the XRP Ledger automatically triggers RLUSD payments once it verifies the deposited trade conditions.
Trade finance is traditionally paper-driven and slow. A typical trade payment cycle takes days to weeks, as staff must manually review documents and initiate payments separately. The pilot aims to significantly shorten this cycle. When the system confirms a delivery, for example, the payment in RLUSD flows automatically via the XRP Ledger to the recipient.
Beyond speed, the pilot pursues two additional goals. First, it aims to create better transparency around settlement risk. Second, it seeks to improve trade finance access for smaller companies. Complex trade finance processes have often excluded SMEs in particular, because these firms lack the resources for the extensive documentation involved.
Ripple's APAC strategy gains breadth
The Singapore pilot is part of a coordinated expansion across the Asia-Pacific region. In December 2025, the MAS approved an expanded Scope of Payment Activities for Ripple Markets APAC, the company's Singapore subsidiary. On March 11, 2026, Ripple also announced the acquisition of BC Payments Australia to obtain an Australian Financial Services License (AFSL).
"Licensing is fundamental to Ripple's strategy, as it ensures that we can deliver safe, compliant solutions." - Fiona Murray, Managing Director Asia Pacific, Ripple
The numbers confirm the regional focus. Ripple's APAC payment volume nearly doubled in 2025. Globally, the company processes USD 100 billion in payment volume across 60 markets, according to its own figures. In total, Ripple holds more than 75 regulatory licenses worldwide. Alongside the Singapore engagement, the company also participates in Project Acacia, the Reserve Bank of Australia's stablecoin pilot project. The APAC region is thus becoming the central growth market for Ripple's institutional business.
RLUSD in the institutional stablecoin competition
Ripple launched RLUSD in December 2024 with a focus on institutional use. The USD-backed stablecoin now reaches a market capitalization of roughly USD 1.5 billion. Ripple is positioning itself directly against Circle and its USDC, which also participates in the BLOOM program.
The constellation within BLOOM is telling. While Circle already acts as a founding member, Ripple must now prove its stablecoin in a regulated sandbox environment against established competitors. Yet the trade finance use case offers a differentiation opportunity. Where USDC primarily serves as a payment instrument and treasury tool, Ripple is attempting a deeper integration of RLUSD into automated trade settlement processes.
For BLOOM itself, the entry of additional stablecoin issuers sends a signal. The program is increasingly becoming a testing ground for how tokenized forms of money interact in cross-border trade. It is not just about settlement speed but also about which standards will prevail for programmable payments. Singapore is positioning itself with BLOOM as the reference market for tokenized settlement in Asia.
