Ripple joins Singapore central bank initiative to test RLUSD trade settlements
Ripple is joining the Monetary Authority of Singapore's BLOOM initiative to pilot programmable cross-border trade settlements using RLUSD.Summary
Ripple announced its participation in the Monetary Authority of Singapore's (MAS) BLOOM initiative, a project focused on advancing settlement capabilities using tokenized bank liabilities and stablecoins. Through a partnership with Unloq, Ripple will deploy the SC+ platform to automate cross-border payment releases based on verified shipment conditions, utilizing Ripple's dollar-pegged stablecoin, RLUSD, as the settlement asset. This structure aims to improve risk transparency and access for SMEs. MAS positions BLOOM as a collaborative platform building on Project Orchid, focusing on interoperability between different forms of money and automated payments. Other participants include major financial institutions like JPMorgan, Standard Chartered, and Coinbase.
(Source：The Block)