Monetary Authority of Singapore launches BLOOM initiative to enable multi-currency settlement using tokenised bank liabilities and well-regulated stablecoins

The Monetary Authority of Singapore (MAS) has launched BLOOM (Borderless, Liquid, Open, Online, Multi-currency), an industry initiative to extend settlement capabilities offered by financial institutions by enabling settlement in tokenised bank liabilities and well-regulated stablecoins, supported by standardised approaches to risk management. The initiative builds on Project Orchid’s work on digital Singapore dollar use cases and supporting infrastructure, and targets multi-currency, domestic and cross-border, wholesale payment and settlement use cases. BLOOM covers the use of G10 and Asian currencies and is intended for wholesale applications including corporate treasury management, trade finance and agentic payments. Initial industry workstreams focus on coordinating distribution and clearing to support seamless transfer and redemption of different settlement assets, developing programmable controls to automate and standardise compliance checks, and exploring agentic payments using AI agents that execute transactions within predefined limits and conditions. Named participants across these areas include Circle, DBS, OCBC, Partior, Stripe, UOB, Ant International, StraitsX and Coinbase. MAS is inviting additional banks, financial institutions, and clearing and settlement network operators to conduct trials under BLOOM, and indicated it plans to partner with more industry participants and fellow regulatory bodies as the initiative progresses.