Ripple pilots RLUSD on XRP Ledger in MAS Singapore trial

Ripple on Wednesday announced its participation in the Monetary Authority of Singapore’s BLOOM initiative to pilot programmable cross-border trade settlements using RLUSD, its dollar-pegged stablecoin, on the XRP Ledger through Unloq’s SC+ smart contract platform. The pilot will run in Singapore under MAS oversight.

The trial will test automated payment releases tied to verified shipment events. Unloq’s SC+ integrates trade obligations, settlement conditions and financing workflows into one execution layer, with RLUSD used as the settlement asset. The structure is designed to make settlement risk more transparent and expand access to financing for small and medium-sized enterprises.

BLOOM is a MAS program that brings together financial institutions and fintech firms to address bottlenecks in wholesale payments and settlement. It builds on Project Orchid, MAS’s exploration of a potential digital Singapore dollar and related infrastructure. The pilot examines interoperability among tokenized bank deposits and stablecoins, layers programmable compliance controls and tests automated, or agentic, payments.

Participating firms include JPMorgan, Standard Chartered, DBS Bank, Stripe and Coinbase, along with infrastructure providers such as Circle and Anchorage Digital.

“Singapore continues to take a leading role globally in providing the regulatory clarity necessary for the digital asset space to thrive,” according to Fiona Murray, Ripple’s managing director for Asia Pacific.

Ripple’s involvement comes alongside efforts to expand in regulated markets. The company obtained an Australian Financial Services License through an acquisition and launched a $750 million share buyback that valued the company at about $50 billion.