Ripple participates in the Singapore central bank project, testing RLUSD for cross-border trade settlement

Ripple announced its participation in the BLOOM project led by the Monetary Authority of Singapore, exploring programmable cross-border trade settlement solutions based on its stablecoin RLUSD and the XRP Ledger.

Ripple will collaborate with supply chain fintech company Unloq to pilot its SC+ platform, which will automatically release payments through smart contracts upon meeting predefined trade conditions (such as shipment verification), achieving automated integration of trade financing, settlement conditions, and cash flow. This solution uses RLUSD as the settlement asset, aiming to enhance transaction transparency and improve the accessibility of financing for small and medium-sized enterprises. The BLOOM project, promoted by the Monetary Authority of Singapore, focuses on exploring the interoperability of tokenized bank liabilities and stablecoins, as well as "programmable compliance" and automated payment mechanisms. Participating institutions also include JPMorgan, Standard Chartered, DBS Bank, Stripe, Coinbase, Circle, and Anchorage Digital.