Ripple participates in Singapore central bank project to test RLUSD cross-border trade settlement

Ripple announced that it has joined the BLOOM project led by the Singapore Monetary Authority to explore a programmable cross-border trade settlement solution based on its stablecoins RLUSD and XRPLedger. Ripple will work with Supply Chain Finance technology company Unloq to pilot its SC+ platform to automatically release payments through smart contracts after meeting preset trade conditions (such as shipment verification), achieving automated integration of trade financing, settlement conditions and capital flows. The program uses RLUSD as a settlement asset and aims to improve transaction transparency and improve financing availability for small and medium-sized enterprises. The BLOOM project is promoted by the Monetary Authority of Singapore and focuses on exploring the interoperability of tokenized bank liabilities and stablecoins, as well as "programmable compliance" and automated payment mechanisms. Participating institutions also include JPMorgan, StandardChartered, DBSBank, Stripe, Coinbase, Circle and AnchorageDigital.