Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) have officially joined BLOOM, Singapore’s cross-border settlement initiative for stablecoins and tokenized deposits, expanding the initiative's roster to 24 institutions. The announcement was made on Friday by the Monetary Authority of Singapore (MAS), which originally established the public-private project in October 2025.
Key Takeaways
- Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) joined MAS as policymaker members in the BLOOM cross-border initiative.
- The roster grew to 24 members after adding nine new participants, including Mastercard, Visa, Ripple, Maybank, and the World Bank Group.
- Ripple plans to test RLUSD with Unloq for trade finance, while Maybank leads ringgit stablecoin pilots ahead of BNM's end of 2026 regulatory guidance.
Expanding Central Bank and Private Sector Roster
The addition of BNM and BOT places both central banks alongside MAS as policymaker members working directly with commercial entities. Alongside the two central banks, MAS introduced nine new participants to the program, including payment giants Mastercard and Visa, as well as blockchain technology firm Ripple. Other existing members in the 24-firm initiative include corporate heavyweights such as Circle, Coinbase, DBS, J.P. Morgan, and Standard Chartered.
Each newly joined central bank has a corresponding domestic commercial bank on the roster. Malaysia's Maybank joined on Friday, building upon its role leading one of three ringgit pilots initiated by BNM in February to test ringgit stablecoins and tokenized deposits for wholesale cross-border and domestic payments. BNM confirmed it will issue clearer guidance on both instruments by the end of 2026. Meanwhile, Thailand's Kasikornbank was already a member prior to BOT’s formal joining.
In addition, Ripple previously announced in March that it would test RLUSD inside BLOOM for trade finance payments alongside Unloq. Mastercard already processes merchant transactions utilizing stablecoins including RLUSD and USDC, while the World Bank Group joined to represent the economic requirements of developing nations.
Focus Areas and Regulatory Approaches
BLOOM participants will direct efforts toward three primary operational pillars: institutional acceptance and settlement of digital money across borders, technical interoperability between distinct networks, and programmable governance controls such as identity verification, transaction limits, and sanctions screening. MAS emphasized that shared frameworks prevent financial institutions from constructing fragmented bilateral arrangements across jurisdictions, reducing overhead expenses while accelerating product rollouts.
Commenting on the expansion, BNM Deputy Governor Aznan bin Abdul Aziz stated, "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." Conversely, BOT Deputy Governor Dr Daranee Saeju emphasized regulatory oversight, stating the central bank will leverage BLOOM to inform regulatory approaches for tokenized money in wholesale settlement. She added, "The initiative also allows us to carefully explore emerging innovations, while ensuring our oversight remains prudent, proportionate, and responsive to evolving risks."
Why It Matters
The active participation of Southeast Asia's major central banks alongside global card networks and crypto firms underscores a decisive shift toward institutionalizing tokenized deposits and stablecoins for real-time settlement. By standardizing compliance rules and network interoperability early, BLOOM creates a blueprint for regional digital currency integration. As central banks prepare clear regulatory guidance by 2026, this unified framework could significantly reduce cross-border transaction friction across emerging markets.
