Ripple, a leading financial technology company, has announced its participation in the Monetary Authority of Singapore’s (MAS) BLOOM initiative, partnering with supply chain finance technology firm Unloq. This collaboration aims to test a new model for cross-border trade settlement using Ripple’s XRP Ledger (XRPL) and its enterprise-focused stablecoin, Ripple USD (RLUSD).
Enhancing Trade Finance with Blockchain and Smart Contracts
The pilot program will leverage Unloq’s SC+ platform, which integrates trade obligations, settlement conditions, and financing workflows into a single, streamlined execution layer. By utilizing the XRP Ledger and RLUSD, the initiative seeks to improve the visibility into settlement risks and enhance access to trade finance for smaller businesses. This innovative approach is designed to make cross-border transactions more efficient and secure.
What is BLOOM?
Launched in October 2025, BLOOM stands for Borderless, Liquid, Open, Online, Multi-currency. The initiative is part of MAS’s broader strategy to extend settlement capabilities using tokenized bank liabilities and regulated stablecoins. This move is a significant step towards modernizing the financial infrastructure and promoting the use of blockchain technology in trade finance.
Recent Regulatory Milestones
This pilot comes on the heels of a major regulatory milestone for Ripple. In December 2025, MAS approved an expanded scope of payment activities for Ripple’s Singapore subsidiary, Ripple Markets APAC, under its major payment institution license. This approval underscores MAS’s confidence in Ripple’s capabilities and its commitment to fostering innovation in the fintech sector.
Improving Access and Transparency
The use of digital settlement assets, including stablecoins and tokenized bank liabilities, is expected to bring several benefits to the trade finance ecosystem. By releasing RLUSD payments only when predefined commercial conditions are met, the model aims to reduce settlement risks and provide greater transparency for all parties involved. This is particularly beneficial for smaller businesses, which often face challenges in accessing traditional trade finance options.
Singapore’s Tokenization Agenda
Singapore has been at the forefront of embracing tokenization across various financial sectors. On November 13, 2025, MAS announced plans to issue tokenized MAS bills to primary dealers, which will be settled using its wholesale central bank digital currency. The central bank has also updated its Guide on Digital Token Offerings to clarify the regulatory framework for tokenized capital market products and issuing entities.
Looking Ahead
As the pilot program progresses, the success of this initiative could pave the way for broader adoption of blockchain and stablecoins in trade finance. Ripple and Unloq’s collaboration with MAS is a testament to the growing acceptance and integration of blockchain technology in the financial industry. With continued innovation and regulatory support, the future of cross-border trade finance looks promising and transformative.
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