Ripple pilots RLUSD for programmable trade settlement in MAS BLOOM

Ripple is running a pilot of its RLUSD stablecoin on the XRP Ledger with Unloq inside the Monetary Authority of Singapore’s (MAS) BLOOM sandbox. The project links RLUSD as the settlement asset, the XRP Ledger for transaction processing and Unloq’s SC+ platform to tie payments to trade events.

BLOOM launched in October 2025 to let banks, fintechs and stablecoin issuers test tokenized settlement arrangements under MAS supervision. Ripple’s pilot focuses on automating cross-border trade settlement so funds move automatically when predefined commercial conditions occur, such as shipment confirmation, document checks or financing milestones.

The trial embeds settlement rules in trade workflows so payment execution follows trusted triggers instead of separate, manual processes. The setup uses RLUSD for tokenized funds, the XRP Ledger as the transaction layer and Unloq’s execution layer to connect trade finance steps with payment instructions.

Participation in BLOOM does not equal regulatory approval of RLUSD for general use. MAS runs the programme as a sandbox for supervised experiments to test technical and operational viability. A separate regulatory development in December 2025 expanded permitted payment activities under the Major Payment Institution license held by Ripple’s Singapore unit; that licensing change is independent of the BLOOM pilot.

BLOOM includes other participants such as DBS, UOB, infrastructure provider Partior and stablecoin issuers including Circle. The initiative is testing how multiple tokenized assets can work together in clearance and settlement. In November 2025, MAS announced plans to issue tokenized MAS bills to primary dealers, updated guidance for tokenized capital market products and work to explore settlement using a wholesale central bank digital currency.

Trade finance involves exporters, importers, banks, insurers and logistics firms plus documents and conditional obligations that can delay payment. The pilot tests whether embedding payment logic with trusted triggers reduces delays by ensuring funds release only when contractual conditions are met.

Open operational and policy questions for the pilot include whether trade conditions can be digitized and verified in real time, whether smaller businesses will gain better access to financing, how liquidity will be managed if multiple token types operate together, and what oversight and interoperability requirements regulators will set if experiments move toward wider use.