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In a new development, Ripple has joined the Monetary Authority of Singapore’s BLOOM Initiative, in partnership with Unloq, to advance programmable settlement infrastructure in trade finance.
Ripple announced its participation in BLOOM (short for Borderless, Liquid, Open, Online, Multi-currency), an initiative by the Monetary Authority of Singapore (MAS) created to extend settlement capabilities in tokenized bank liabilities and regulated stablecoins.
Ripple is collaborating with Unloq, a supply chain finance technology provider, to pilot a use case that is aimed at transforming cross-border trade settlements. The project will showcase a viable model for Singapore’s future development of an innovative and interoperable settlement infrastructure.
Unloq's SC+ Solution represents a smart-contract-driven trade finance platform, which uses Ripple USD (RLUSD) stablecoin to automatically trigger payments the moment the shipment is verified. The solution will use Ripple’s infrastructure, the XRP Ledger (XRPL) and Ripple USD (RLUSD) stablecoin, increasing XRPL and RLUSD utility.
Third major announcement in weeks
The recent development marks the third major announcement from Ripple in three weeks. Ripple recently expanded its payments platform into a full-stack stablecoin infrastructure and secured an Australian financial services license through acquisition, and it now has a central bank-backed pilot for trade finance.
The development builds on an expanded MAS license from last year. In December, Ripple obtained approval from the Monetary Authority of Singapore to expand its payment activities under its Major Payment Institution license.
The updated permissions provided Ripple with more flexibility to offer token-based settlements (such as XRP, stablecoin RLUSD) and related payment services to banks, fintechs and crypto firms operating in the city-state.
The Asia-Pacific remains Ripple’s fastest-growing region. Singapore, where Ripple established its APAC headquarters in 2017, remains a central point in this growth following several years of regulatory groundwork by MAS.
In recent listing news, Ripple USD stablecoin (RLUSD) has been listed on Korean crypto exchange Coinone.
Dan Burgin
Vladislav Sopov
