Ripple has entered Singapore’s regulatory sandbox, led by the Monetary Authority of Singapore (MAS), to pilot its RLUSD stablecoin in cross-border trade finance. The initiative is part of the BLOOM program, which targets settlement infrastructure built on tokenized bank liabilities and regulated stablecoins.
BLOOM: A Multi-Currency Tokenized Settlement Framework
BLOOM—short for Borderless, Liquid, Open, Online, Multi-currency—aims to expand settlement capabilities using digital assets. Ripple’s participation follows its expanded Major Payment Institution license from MAS, which allows the firm to scale regulated payment services and deepen RLUSD adoption across the region.
SC+ Platform: Condition-Triggered Automated Payments
Ripple is partnering with fintech firm Unloq to build a trade finance solution around programmable settlement. Unloq’s SC+ platform integrates trade obligations, settlement conditions, and financing workflows into a single execution layer. Payments are triggered automatically once predefined commercial conditions—such as shipment verification—are met. This replaces fragmented manual processes with automated execution, improving transparency around settlement risk and enabling more efficient capital flows across supply chains.
The use of digital settlement assets, including stablecoins and tokenized bank liabilities, is expected to improve access to trade finance for small and medium-sized enterprises (SMEs), a segment often constrained by operational complexity and limited visibility.
Singapore’s Regulatory Sandbox as a Testing Ground
The pilot reflects Singapore’s broader push for interoperable and compliant financial infrastructure through tokenization. MAS provides a controlled sandbox environment where firms can test innovations without exposing the wider system to risk. Fiona Murray, Managing Director for Asia Pacific at Ripple, noted that Singapore continues to lead in regulatory clarity for digital assets, adding that the BLOOM initiative aligns with Ripple’s focus on delivering compliant, real-world blockchain utility.
Unloq emphasized that its SC+ platform demonstrates how digital settlement rails can integrate with existing trade and financing workflows without disrupting commercial relationships. The entire solution is built on the XRP Ledger, with RLUSD triggering payments instantly upon shipment verification—combining supply chain data with financial execution in real time.
If successful, the pilot could offer a framework for modernizing trade finance infrastructure and advancing the use of regulated stablecoins in global commerce.