Ripple has joined BLOOM, a new initiative from the Monetary Authority of Singapore (MAS), the country’s central bank, and is partnering with trade finance technology firm Unloq on a pilot that uses RLUSD and the XRP Ledger to test programmable settlement in cross-border trade. For crypto markets, the move adds another real-world institutional use case around stablecoin-based settlement infrastructure, this time inside a central bank-led framework.
Announced Wednesday, the pilot sits within MAS’s BLOOM initiative, short for Borderless, Liquid, Open, Online, Multi-currency. The program is designed to expand settlement capabilities using tokenized bank liabilities and regulated stablecoins, positioning Singapore as a testing ground for interoperable payment rails in regulated financial environments.
Ripple Joins Singapore Central Bank Project
Ripple’s specific role in the initiative comes through a joint project with Unloq, a supply chain finance technology provider. The two companies plan to pilot a trade finance workflow built around Unloq’s SC+ infrastructure, which combines trade obligations, settlement conditions and financing workflows into a single execution layer. Ripple said the setup will use its institutional infrastructure, the XRP Ledger and RLUSD.
The core pitch is straightforward: use digital settlement assets to reduce frictions that still slow cross-border trade. In the model described by the companies, payments are released only when commercial conditions are met, such as shipment verification. That creates a more conditional, programmable settlement flow, while also aiming to improve risk visibility and financing access for small and medium-sized businesses.
Fiona Murray, Ripple’s managing director for Asia Pacific, framed the initiative as a regulatory and utility play. “Singapore continues to take a leading role globally in providing the regulatory clarity necessary for the digital asset space to thrive. Ripple is incredibly excited to be part of BLOOM, an initiative that perfectly aligns with our commitment to compliant, real-world utility for blockchain technology.”
She then tied the pilot directly to the mechanics of the platform. “Built on the XRP Ledger, SC+ Solution, Unloq’s smart-contract-driven trade finance platform uses RLUSD to automatically trigger payments the moment the shipment is verified. This partnership combines Unloq’s supply chain expertise with Ripple’s secure technology to make global trade faster and more transparent.”
That matters because the release is not pitching blockchain as a parallel system detached from existing finance. Instead, the emphasis is on integrating digital settlement rails into current trade and financing processes without forcing counterparties to rebuild commercial relationships from scratch. In other words, the pilot is less about replacing trade finance than about reducing operational lag and settlement uncertainty inside it.
Unloq made that case explicitly. Letitia Chau, the company’s president and chief risk officer, said, “BLOOM represents an important step toward modernising trade finance infrastructure in a controlled and regulated environment. Through SC+, we are demonstrating how digital settlement rails can be integrated into existing trade and financing workflows without disrupting commercial relationships.”
She added that the pilot is also meant to test whether the model can scale beyond a narrow proof of concept. “Collaboration with MAS and Ripple enables us to explore scalable, interoperable models for cross-border trade.”
For Ripple, the announcement extends a broader push to position RLUSD as a settlement asset for enterprise use cases rather than a simple exchange-traded stablecoin. The release repeatedly places RLUSD alongside tokenized bank liabilities, suggesting the company wants the stablecoin discussed in the same institutional conversation as other regulated digital cash instruments being explored for settlement.
At press time, XRP traded at $1.4227.
