Ripple has joined BLOOM, a new initiative led by the Monetary Authority of Singapore (MAS), and will work with trade finance technology firm Unloq on a pilot using Ripple’s planned U.S. dollar stablecoin, RLUSD, and the XRP Ledger (XRPL) to test programmable settlement for cross-border trade.
MAS initiative targets programmable, cross-border settlement
MAS, Singapore’s central bank and financial regulator, continues to explore the use of digital assets and programmable payments in regulated financial markets. BLOOM is the latest effort to evaluate how tokenized money and blockchain infrastructure can support real-world transactions, with a focus on improving settlement speed, transparency, and control in cross-border trade flows.
Ripple–Unloq pilot: RLUSD on the XRP Ledger
Under the pilot, Ripple and Unloq plan to use RLUSD on the XRP Ledger to automate settlement tied to predefined conditions in trade finance processes. Programmable settlement can enable funds to be released only when specific milestones are met—such as document verification or shipment confirmation—potentially reducing counterparty risk and manual reconciliation.
The pilot will assess whether on-chain settlement can streamline trade workflows, enhance auditability, and interoperate with existing financial and compliance systems. It is part of a broader industry push to test blockchain-based solutions within regulated environments. Participation in the initiative does not constitute regulatory approval, and outcomes will inform future policy and technical standards.
Why it matters for digital assets and trade finance
Trade finance remains heavily document-driven and prone to settlement delays across jurisdictions. If successful, programmable settlement could help reduce friction and costs in cross-border transactions by embedding business rules directly into digital money and settlement rails. For the digital asset sector, the effort adds another institutional pilot exploring blockchain’s utility beyond speculative use cases.
About RLUSD and the XRP Ledger
- RLUSD: Ripple’s planned U.S. dollar stablecoin intended to maintain a 1:1 peg to the U.S. dollar. Ripple has said RLUSD will launch on multiple chains, including the XRP Ledger.
- XRP Ledger (XRPL): An open-source, public blockchain known for low-cost, fast settlement and native support for issued assets, decentralized exchange functionality, and programmability through transaction logic and built-in features.