BTC
ETH
SOL
XRP
BNB
TON
DOT
LTC
POL
HBAR
NEAR
ARB
UNISingapore, Malaysia and Thailand central banks join BLOOM stablecoin initiative
The Monetary Authority of Singapore says Bank Negara Malaysia and the Bank of Thailand have joined BLOOM, a public-private project on cross-border stablecoin and tokenised deposit settlement.
Why it matters: The project links three Asian central banks with major payment firms to set common rules for regulated stablecoins and tokenised deposits used in cross-border settlement.
Key points
- MAS announced the BLOOM expansion on 23 Oct, adding Malaysia and Thailand as policymaker members alongside Singapore.
- Participants include Mastercard, Visa, Ripple, Circle, Coinbase, Maybank and the World Bank Group.
- MAS proposed stablecoin legislation on 1 Sept, covering jointly issued tokens and some foreign-issued stablecoins.
The Monetary Authority of Singapore has expanded the BLOOM initiative to bring Malaysia and Thailand into a shared effort on cross-border stablecoin settlement, Bitcoin.com News reports. MAS announced on 23 Oct that Bank Negara Malaysia and the Bank of Thailand would join Singapore as policymaker members of the project, whose name stands for Borderless, Liquid, Open, Online and Multi-currency.
BLOOM is a public-private programme that brings together regulators, banks, payment networks and technology providers. Its work covers regulated stablecoins and tokenised deposits, with applications in payments, corporate treasury and trade finance. Among the participants are Mastercard, Visa, Nium, Ripple, Circle, Coinbase, Airwallex, Maybank, Monee, Shopeepay and the World Bank Group.
The central banks aim to build common frameworks so institutions need fewer separate agreements with each counterparty or market, which should cut implementation costs and shorten time to market. The work also looks at how firms accept different forms of money, connect their systems and settle transactions, and at programmable controls for identity checks and sanctions screening.
Separately, Visa and Nium are testing settlement seven days a week through a stablecoin pilot announced 25 Aug, and Ripple and Arf are offering RLUSD settlement financing announced 22 Oct.
What to watch: MAS's proposed stablecoin legislative changes, set out on 1 Sept, await consideration.
Live updates on NewsFeeds:StablecoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
How this was produced: an AI model wrote this summary of Bitcoin.com News’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.
Not investment advice. Read the risk disclaimer.