Ripple Joins Singapore Central Bank Project to Test Cross-Border Settlement Using RLUSD

BlockBeats News, March 25th, Ripple announced its participation in Project BLOOM led by the Monetary Authority of Singapore to explore a programmable cross-border trade settlement solution 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 preset trade conditions (such as shipment verification) to achieve the automation integration of trade finance, settlement terms, and fund flows. The solution uses RLUSD as the settlement asset, aiming to enhance transaction transparency and improve access to financing for small and medium-sized enterprises.

The BLOOM project, driven 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 include JPMorgan, Standard Chartered, DBS Bank, Stripe, Coinbase, Circle, and Anchorage Digital, among others.