Ripple is participating in the Monetary Authority of Singapore’s (MAS) BLOOM initiative as part of a pilot focused on programmable cross-border trade settlements. The company, recognized for its enterprise blockchain solutions, is piloting its RLUSD stablecoin through a partnership with supply chain technology provider Unloq. Ripple is a U.S.-based company specializing in payment and liquidity solutions built on blockchain, while Unloq develops automated trade workflow platforms for enterprise clients. BLOOM is an MAS project designed to accelerate settlement innovation using regulated digital assets and tokenized bank liabilities.
Automating Trade Payments With Ripple and Unloq
Singapore’s BLOOM initiative—standing for Borderless, Liquid, Open, Online, Multi-currency—was designed by MAS to enhance programmable finance within regulated environments. Ripple’s involvement places it at the center of Singapore’s regulatory experiment in trade settlement infrastructure, focusing on digital assets for real-world use.
The partnership brings Unloq’s SC+ platform into the pilot, which consolidates trade obligations and finance processes into a single digital layer. SC+ uses a smart contract-based approach on the XRP Ledger, enabling payments to be released only when predefined commercial conditions, such as shipment verification, are met. This framework aims to streamline settlements for importers and exporters, particularly small and mid-sized businesses that often face delays using legacy banking rails.
Fiona Murray, Managing Director, Asia Pacific at Ripple, emphasized Singapore’s leadership in shaping the regulatory landscape for digital assets and underscored BLOOM’s alignment with Ripple’s focus on regulatory compliance and real-world blockchain applications. She described the initiative as an opportunity to showcase Ripple’s commitment to compliant blockchain use within global trade.
Stablecoin RLUSD Powers Automated Settlements
Ripple’s RLUSD stablecoin has now surpassed $1 billion in market capitalization, solidifying its position among enterprise stablecoins. For the BLOOM pilot, RLUSD is programmed to trigger automatic payments on the XRP Ledger once agreed trade milestones—such as shipment authentication—are reached, removing layers of manual approval and typical banking processes that slow transaction speed.
Unloq president and chief risk officer Letitia Chau highlighted that BLOOM marks a significant move toward the modernization of trade finance within a regulated framework. In her view, the integration of SC+ and RLUSD into existing workflows demonstrates how programmable settlement tools can digitize trade payments while preserving established commercial relationships.
Ripple currently holds a payments license from Singapore authorities, providing a regulated foundation for operating the RLUSD pilot. This builds on Singapore’s reputation as a progressive crypto hub, with clearly defined compliance structures that attract global blockchain projects. The collaboration leverages these regulatory advantages to explore practical applications for digital assets within cross-border commerce.
MAS’s BLOOM pilot reflects a broader effort among central banks to examine how programmable money and digital settlement can improve trade infrastructure. By testing live use-cases with industry partners in a controlled environment, MAS aims to gather insights for future financial policy decisions and infrastructure design.
