Malaysia and Thailand Join Singapore’s BLOOM Cross-Border Stablecoin Initiative

On Friday, Bank Negara Malaysia and the Bank of Thailand officially joined the Singapore-led BLOOM initiative as policymaker members. BLOOM—short for Borderless, Liquid, Open, Online, Multi-currency—is a public-private collaboration aimed at enabling financial institutions to conduct cross-border payments using stablecoins and tokenized deposits. According to the Monetary Authority of Singapore (MAS), BLOOM reduces operational costs and accelerates time-to-market by eliminating the need for financial institutions to establish separate bilateral arrangements with each counterparty or market. Launched by MAS in October 2025, BLOOM builds on the technical and practical foundations of Project Orchid—a precursor initiative launched in 2021 to explore real-world use cases for a digital Singapore dollar. BLOOM’s work