Ripple RLUSD joins Singapore Sandbox to test trade finance
Financial technology company Ripple said on Wednesday that it has joined the Monetary Authority of Singapore's (MAS) BLOOM initiative with supply chain finance technology firm Unloq to test a programmable cross-border trading agreement using the XRP Ledger and Ripple USD.
The pilot leverages Unloq's SC+ smart-based trade finance infrastructure to finance trade obligations, settlement conditions and workflows. The pilot will use Ripple's XRP Ledger (XRPL) and Ripple USD (RLUSD), a stablecoin designed for enterprise use cases, the announcement said.
MAS launches BLOOM, Borderless, Liquid, Open, Online, Multi-currency in October 2025 to extend settlement capabilities using tokenized bank liabilities and regulated stablecoins.
The pilot comes four months after Ripple Markets APAC, a subsidiary of Singapore, announced in December 2025 that it had approved MAS-wide payment operations.
Ripple and Unloq said the pilot will use digital settlement assets, including stablecoins and tokenized bank liabilities, to hold RLUSD payments when pre-defined trading conditions are met. The model is intended to improve visibility into settlement risk and support access to trade-financing for small businesses, the companies said.
Cointelegraph reached out to Ripple for comment on the timeline and details of the pilot initiative.
Related: Stablecoin Issuers and Fintechs Race to Own Payment Ways
Singapore has embraced tokenism.
Singapore continues to expand its tokenization agenda in payments, settlements and capital markets.
In the year On November 13, 2025, MAS announced that it plans to issue tokenized MAS accounts to merchants that will be settled using the wholesale central bank digital currency. The central bank said it will share more details about this future experiment in 2026.
A day later, on November 14, MAS updated its guidance on digital token offerings to clarify how Singapore's Securities and Futures Act (SFA) applies to tokenized capital market products and issuers. The new guidance includes case studies, disclosure of expectations and pilot program criteria for responsible development of tokenization initiatives.
Magazine: How crypto rules have changed in 2025 — and how they will change in 2026
