Ripple Teams Up with Singapore Central Bank to Modernize Cross-Border Trade via RLUSD

Ripple has confirmed its participation in the Monetary Authority of Singapore’s BLOOM project to test programmable solutions for cross-border trade settlements.

The project will leverage the XRP Ledger alongside Ripple’s dollar-pegged stablecoin, RLUSD, to streamline and automate payments between businesses. The move marks a significant step toward a more efficient international trade infrastructure.

Key Points

• Ripple is joining a central bank–led initiative to modernize cross-border payments.
• BLOOM is spearheaded by the Monetary Authority of Singapore to improve wholesale settlement systems.
• The pilot will use the XRP Ledger and Ripple’s RLUSD for programmable trade payments.
• Smart contracts will automate settlement based on real-world trade conditions, such as shipment delivery.
• The project brings together major banks and fintech firms to test interoperable digital money systems.

Expanding Digital Settlement Capabilities

BLOOM, led by Singapore’s central bank, aims to explore the use of stablecoins and tokenized bank liabilities for more efficient cross-border payments. By creating a collaborative platform for financial institutions, the initiative seeks to address long-standing inefficiencies in wholesale payment and settlement systems.

Within this framework, Ripple’s participation will demonstrate how digital assets can enhance transparency, reduce friction, and improve operational efficiency in global trade.

Ripple and Unloq Partnership

To bring its solution to life, Ripple is partnering with fintech firm Unloq, which will provide its SC+ platform.

At the core of the system are smart contracts that automatically release payments once shipment conditions are met. This approach integrates trade obligations, financing workflows, and settlement rules into a single execution layer. RLUSD will act as the primary settlement asset, enabling secure and predictable cross-border transactions.

Fiona Murray, Ripple’s Managing Director for Asia Pacific, highlighted Singapore’s supportive regulatory environment, emphasizing its role in fostering innovation. She noted that the country continues to drive growth in the digital asset space.

Building on Singapore’s Digital Currency Initiatives

In a broader context, the BLOOM initiative builds on MAS’s earlier work under Project Orchid. Specifically, that effort explored the concept of a digital Singapore dollar and its supporting infrastructure.

While Orchid focused on foundational research, BLOOM shifts attention toward interoperability, aiming to connect various forms of digital money, including tokenized bank deposits and stablecoins.

Moreover, the initiative introduces programmable compliance features and explores automated, or “agentic,” payment systems. These additions reflect a growing emphasis on efficiency, control, and intelligent financial automation.

Broad Coalition of Global Participants

To support its ambitions, BLOOM has attracted a diverse group of global participants. Major financial institutions, including JPMorgan, DBS Bank, and Standard Chartered, are contributing their expertise.

Additionally, they are joined by technology firms such as Coinbase and Stripe, as well as infrastructure providers like Anchorage Digital and Circle. Consequently, this wide-ranging collaboration strengthens the platform’s ability to address complex settlement challenges from multiple perspectives.

Ripple’s Broader Strategy

Ripple’s participation in BLOOM aligns with its broader strategy of expanding into regulated markets. For instance, the company recently obtained an Australian Financial Services License through an acquisition and announced a $750 million share buyback, valuing the firm at $50 billion.

Overall, these developments underscore Ripple’s strategy of scaling its global presence while maintaining compliance with evolving regulatory frameworks.