MAS Launches BLOOM to Extend Settlement Capabilities with Tokenized Assets
The Monetary Authority of Singapore (MAS) has unveiled BLOOM, a collaborative initiative to expand settlement capabilities using tokenized bank liabilities and regulated stablecoins. This builds on Project Orchid's foundational work, which since 2021 has conducted over 10 trials exploring digital Singapore dollar applications.
BLOOM will focus on multi-currency settlements spanning G10 and Asian currencies, targeting cross-border payments and corporate use cases like trade finance. The framework aims to standardize risk management in digital asset settlements while meeting private sector demand for innovative settlement solutions.
Industry participants will jointly address operational challenges, leveraging insights from MAS's extensive pilot programs. The initiative reflects Singapore's progressive approach to integrating traditional and digital finance infrastructures.
