Ripple joins Singapore central bank initiative to test RLUSD trade settlements

Ripple has joined the Singapore central bank's BLOOM initiative to pilot programmable cross-border trade settlements using the XRP Ledger and Ripple's dollar-pegged stablecoin RLUSD (RLUSD).The company announced Wednesday that it is participating in BLOOM, a project led by the Monetary Authority of Singapore that seeks to advance settlement capabilities using tokenized bank liabilities and stablecoins.Through a partnership with supply chain fintech firm Unloq, Ripple is set to deploy Unloq's SC+ platform — a smart-contract-driven trade finance infrastructure — to automate cross-border payment releases upon verified shipment conditions, according to the statement. The system integrates trade obligations, settlement conditions, and financing workflows into an execution layer, with RLUSD serving as the settlement asset. The structure aims to enhance risk transparency and improve access for small and medium-sized enterprises."Singapore continues to take a leading role globally in providing the regulatory clarity necessary for the digital asset space to thrive," Fiona Murray, Ripple’s managing director for Asia Pacific, said.Singapore's pushMAS has positioned BLOOM as a collaborative platform for financial institutions and industry participants to address key challenges in wholesale payments and settlement, according to its website. The initiative builds on earlier work under Project Orchid, the central bank's exploration of a digital Singapore dollar and related financial infrastructure. It focuses on enabling interoperability across different forms of money — including tokenized deposits and stablecoins — while introducing programmable compliance controls and exploring automated, or "agentic" payments.Other BLOOM participants include major global financial institutions and fintech firms such as JPMorgan, Standard Chartered, DBS Bank, Stripe, and Coinbase, alongside infrastructure players including Circle and Anchorage Digital.Ripple's involvement comes as it continues to expand its footprint in regulated markets. The firm recently secured the Australian Financial Services License through an acquisition deal and launched a $750 million share buyback at a $50 billion valuation.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.