Ripple announced it has joined the Monetary Authority of Singapore’s (MAS) BLOOM initiative alongside supply-chain finance platform Unloq to pilot programmable cross-border trade settlement using the XRP Ledger (XRPL) and Ripple USD (RLUSD).
The trial will run on Unloq’s SC+ smart-contract trade finance stack, which combines trade obligations, settlement conditions and financing workflows into a single execution layer. Transactions in the pilot will settle on the XRPL and use RLUSD as an enterprise stablecoin, with payments released automatically when predefined commercial conditions are met.
MAS launched BLOOM (Borderless, Liquid, Open, Online, Multi-currency) in October 2025 to broaden settlement options using tokenized bank liabilities and regulated stablecoins. Ripple’s participation follows MAS approval in December 2025 to expand payment activities for Ripple Markets APAC under its major payment institution license.
Ripple and Unloq say the pilot will test digital settlement assets — including stablecoins and tokenized bank liabilities — to enhance visibility into settlement risk and to help extend trade-finance access to smaller firms that often face funding and transparency constraints.
Cointelegraph contacted Ripple for additional details and timing around the pilot.
Singapore’s tokenization agenda has been advancing rapidly. On Nov. 13, 2025, MAS outlined plans to issue tokenized MAS bills to primary dealers, to be settled using a wholesale central bank digital currency in a future trial. The following day, MAS updated its Guide on Digital Token Offerings to clarify how the Securities and Futures Act applies to tokenized capital-market products and issuers, adding case studies, disclosure expectations and pilot criteria to support responsible development of tokenization projects.
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