Singapore · Cointelegraph Thailand
BLOOM seeks to cut costs by helping financial institutions coordinate cross-border use of stablecoins and tokenized deposits
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Bank Negara Malaysia and the Bank of Thailand joined Singapore’s BLOOM initiative on Friday as policymaker members.
Key facts
- MAS launched BLOOM in October 2025, building on Project Orchid, which began in 2021 to explore uses for a digital Singapore dollar
- Bank Negara Malaysia separately announced in February that three initiatives would test ringgit stablecoins and tokenized deposits for domestic and cross-border wholesale payments in 2026
- Bank Negara Malaysia and the Bank of Thailand joined Singapore’s BLOOM initiative on Friday as policymaker members
- BLOOM’s participants include Airwallex, Mastercard, Ripple, Visa and the World Bank Group
Summary
BLOOM seeks to cut costs by helping financial institutions coordinate cross-border use of stablecoins and tokenized deposits. BLOOM, short for Borderless, Liquid, Open, Online, Multi-currency, is a public-private initiative that intends to help financial institutions use stablecoins and tokenized deposits for cross-border payments. According to the Monetary Authority of Singapore, BLOOM aims to cut costs and help institutions bring services to market faster by reducing the need for institutions to set up arrangements with each counterparty or market. MAS launched BLOOM in October 2025, building on Project Orchid, which began in 2021 to explore uses for a digital Singapore dollar.