Malaysia’s and Thailand’s central banks have joined BLOOM as policymaker members, the Monetary Authority of Singapore (MAS) announced on Oct. 23, widening a program meant to let banks and payment firms settle cross-border deals in regulated stablecoins and tokenized deposits. The addition turns a program run solely by MAS into one with three central bank members.
Their joint work will cover how institutions in different countries accept and settle different forms of digital money, how separate token networks connect, and checks that run inside the transaction itself, such as sanctions screening and transaction controls. MAS said in its release that BLOOM aims to “reduce the need for financial institutions to establish separate arrangements with each counterparty or market.”
Leong Sing Chiong, deputy managing director at MAS, said in the release that “collaboration among policymakers and industry participants will be needed to address practical issues around acceptance, settlement and interoperability.”
Aznan bin Abdul Aziz, a deputy governor at Bank Negara Malaysia, said that “a future where frictionless cross-border payments can be made using multiple digital monies is now closer to a tangible reality than a far-fetched fantasy,” according to MAS’s release. Daranee Saeju, a Bank of Thailand deputy governor, said in the same release that the central bank would use BLOOM “to help inform forward-looking regulatory approaches for tokenised money.” In July, the Thai central bank flagged suspicious stablecoin trades together with the country’s securities regulator.
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Which Tokens Could Move
MAS’s release does not name a stablecoin, a tokenized deposit product, a payment corridor or a start date, and it describes nothing under BLOOM as live. Issuers such as Circle and StraitsX are members, but MAS ties no token to the program.
The only coin publicly named in a BLOOM pilot so far is RLUSD. Ripple said in March it would test the dollar token with trade finance firm Unloq, releasing payments once a shipment is verified. In August, Visa said it would pilot weekend and holiday settlement under BLOOM with payments firm Nium, using unnamed dollar and euro stablecoins.
A Longer Member List
Visa, Mastercard, Ripple, Nium, Airwallex, Maybank, ShopeePay and Monee joined the industry roster, while the World Bank Group came in under a separate category for development lenders. Ripple, Visa, Nium and Maybank had disclosed their roles earlier this year. MAS’s annex counts 24 industry members.
MAS unveiled BLOOM in October 2025 as the next step after Project Orchid, its digital Singapore dollar research program that dates to 2021. Its 16 founding members included Circle, Coinbase, Anchorage Digital, DBS, J.P. Morgan, Kasikornbank, StraitsX and Stripe.
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