Ripple is testing programmable trade settlements in Singapore using its RLUSD stablecoin. The initiative signals growing institutional interest in combining tokenized money with automated execution layers for cross-border finance.
The company joined the Monetary Authority of Singapore (MAS) under its BLOOM initiative, a platform designed to explore next-generation settlement infrastructure. Ripple will deploy the system in partnership with supply chain fintech firm Unloq, integrating its XRP Ledger with Unloq’s SC+ platform. The setup enables payments to trigger automatically when predefined shipment conditions are met.
Team Ripple
Can Programmable Settlements Reduce Trade Finance Friction?
The pilot focuses on embedding trade obligations, financing terms, and settlement rules into a unified execution layer. RLUSD, Ripple’s dollar-pegged stablecoin, will function as the settlement asset within this framework. The structure is intended to improve transparency and reduce counterparty risk, particularly for small and medium-sized enterprises.
The effort aligns with a broader push by central banks to test tokenized financial infrastructure. MAS has previously explored digital currency frameworks under Project Orchid, while similar initiatives in other jurisdictions continue to evaluate interoperability between stablecoins and tokenized bank deposits. Industry data shows tokenized real-world asset markets have already surpassed $10 billion in value, reflecting rising institutional participation.
“Singapore continues to take a leading role globally in providing the regulatory clarity necessary for the digital asset space to thrive,” said Fiona Murray, managing director for Asia Pacific at Ripple.
Her comments highlight the jurisdiction’s role in shaping regulatory standards for tokenized finance systems.
Still, execution risks remain as interoperability and compliance requirements evolve across jurisdictions. BLOOM participants include major financial institutions such as JPMorgan, Standard Chartered, and DBS Bank, alongside crypto-native firms like Coinbase and Circle. The next phase will depend on whether pilot results translate into production-grade settlement networks with measurable efficiency gains.
