Financial technology firm Ripple announced on Wednesday that it has partnered with supply chain finance platform Unloq to participate in the Monetary Authority of Singapore’s (MAS) BLOOM initiative, focusing on testing programmable cross-border trade settlement using blockchain technology.

The pilot will incorporate Unloq’s SC+ infrastructure, which relies on smart contracts to unify trade obligations, settlement conditions and financing processes within a single execution framework. It will also leverage Ripple’s XRP Ledger (XRPL) along with its enterprise-focused stablecoin, Ripple USD (RLUSD).

MAS introduced the BLOOM initiative — standing for Borderless, Liquid, Open, Online, Multi-currency — in October 2025 as part of its effort to enhance settlement systems through the use of tokenized bank liabilities and regulated stablecoins.

The collaboration follows MAS’s decision in December 2025 to expand the payment capabilities permitted under the license held by Ripple’s Singapore-based subsidiary, Ripple Markets APAC.

Smart contracts and stablecoins in trade finance

Ripple and Unloq explained that the pilot will utilize digital settlement instruments such as stablecoins and tokenized bank liabilities, with RLUSD payments executed automatically once predefined commercial conditions are satisfied.

The approach is intended to improve transparency around settlement risk while also making trade finance more accessible, particularly for smaller businesses that often face barriers to entry. The integration of smart-contract-driven workflows is expected to streamline processes by combining multiple steps into a single programmable system.

Singapore accelerates tokenization initiatives

Singapore continues to position itself as a leading hub for tokenization across financial markets, expanding its efforts in payments, settlement and capital markets infrastructure.

On Nov. 13, 2025, MAS announced plans to issue tokenized MAS bills to primary dealers, with settlement to be conducted using a wholesale central bank digital currency. Additional details on this initiative are expected to be released in 2026.

The following day, MAS updated its Guide on Digital Token Offerings to clarify how existing securities regulations apply to tokenized capital market products and their issuers. The revised guidance included practical case studies, disclosure requirements and criteria for pilot programs aimed at supporting responsible innovation in tokenization.

Sources:

https://ripple.com/ripple-press/ripple-joins-monetary-authority-of-singapore-s-bloom-initiative-and-partners-with-unloq-to-advance-programmable-settlement-infrastructure-in-trade-finance/

https://www.mas.gov.sg/news/media-releases/2025/mas-announces-successful-live-trial-of-settlement-of-interbank-overnight-lending

https://www.mas.gov.sg/news/media-releases/2025/mas-launches-bloom-initiative-to-extend-settlement-capabilities

https://cointelegraph.com/news/ripple-singapore-sandbox-rlusd-trade-finance

https://www.mas.gov.sg/regulation/guidelines/guide-on-tokenisation-of-cmps