Ripple Joins Singapore's BLOOM Project to Pilot RLUSD for Cross-Border Trade Settlement

Ripple said on March 25 it has joined the Monetary Authority of Singapore-led BLOOM project to test programmable cross-border trade settlement using its RLUSD stablecoin and the XRP Ledger. As part of the initiative, Ripple will work with supply-chain fintech Unloq to pilot the SC+ platform, which uses smart contracts to automate trade finance workflows, settlement terms and cash-flow management. Payments are released once predefined trade conditions are met, such as shipment verification. RLUSD will serve as the settlement asset, with the aim of improving transaction transparency and expanding financing access for small and medium-sized enterprises. BLOOM is designed to explore interoperability between tokenized bank liabilities and stablecoins, along with "programmable compliance" and automated payment mechanisms. Participants include JPMorgan, Standard Chartered, DBS Bank, Stripe, Coinbase, Circle and Anchorage Digital.