The Monetary Authority of Singapore launched the BLOOM project to expand the settlement capabilities of financial institutions through stablecoins and other means.

The Monetary Authority of Singapore (MAS) today announced the launch of a new initiative, BLOOM (Boundless, Liquid, Open, Online, Multi-Currency), aimed at expanding the settlement capabilities offered by financial institutions. Through BLOOM, MAS will collaborate with the financial industry to enable settlement in tokenized bank liabilities and strictly regulated stablecoins, while also implementing standardized approaches to effectively manage risks in the rapidly evolving field of digital settlement assets. BLOOM will cover multiple G10 and Asian currencies, supporting domestic and cross-border settlements for use cases including corporate treasury management, trade finance, and intelligent agent payments. Initial participants include Circle, Coinbase, DBS, OCBC, UOB, Partior, Stripe, Ant International, and StraitsX.