Central banks of Malaysia and Thailand join Singapore's BLOOM initiative
The central banks of Malaysia and Thailand have joined Singapore's BLOOM initiative to advance cross-border payments using regulated stablecoins and tokenized deposits alongside major industry participants.
The central banks of Malaysia and Thailand have joined Singapore's BLOOM initiative to coordinate cross-border settlements using regulated stablecoins, tokenized deposits, and other forms of digital money. According to the Monetary Authority of Singapore (MAS), the central banks will collaborate with industry participants, with work centered on interoperability between payment networks and programmable compliance controls.[5][4][8][10][6]
The collaboration expands cross-border settlement initiatives across three Southeast Asian economies that have a combined population of 111 million people. The BLOOM program seeks to lower costs by helping financial institutions coordinate the use of digital assets, while fostering regional financial integration and streamlining cross-border transactions.[7][1][2][9]
A number of global financial and payment organizations are also joining the effort. Ripple, Visa, Mastercard, Airwallex, and the World Bank Group have joined as new participants, working alongside existing members including Circle, Coinbase, and JPMorgan, with Stripe also involved in the broader effort.[3][4][5][7][8]
Key facts
- The central banks of Malaysia and Thailand joined Singapore's BLOOM initiative for cross-border settlement using stablecoins and tokenized deposits.
- MAS reported that the initiative focuses on interoperability between payment networks and programmable compliance controls for regulated stablecoins, tokenized deposits, and digital money.
- The expansion covers three Southeast Asian economies with a combined population of 111 million people.
- Ripple, Visa, Mastercard, Airwallex, and the World Bank Group are among the new industry participants joining the initiative.
- Existing members and involved industry players include Circle, Coinbase, JPMorgan, and Stripe.
- BLOOM is designed to reduce costs by coordinating cross-border usage of stablecoins and tokenized bank deposits.
Sources · 9 sources
- CB
Coin Bureau@coinbureauPost on X ·
BREAKING: 3 of Southeast Asia’s largest economies unite to advance crypto, stablecoin payments and tokenized bank deposits. https://t.co/cV2y86TGrl
Open source - CT
Coin TelegraphArticle ·
Malaysia, Thailand join Singapore’s cross-border stablecoin push BLOOM seeks to cut costs by helping financial institutions coordinate cross-border use of stablecoins and tokenized deposits.
Open source - TW
The Wolf Of All Streets@scottmelkerPost on X ·
🇲🇾🇹🇭 MALAYSIA AND THAILAND'S CENTRAL BANKS JOIN SINGAPORE'S BLOOM INITIATIVE FOR CROSS-BORDER SETTLEMENT IN STABLECOINS AND TOKENIZED DEPOSITS RIPPLE, VISA, MASTERCARD AND THE WORLD BANK GROUP ALSO JOIN, ALONGSIDE EXISTING MEMBERS CIRCLE, COINBASE AND J.P. MORGAN https://t.co/6oAcDsfoJh
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Malaysia and Thailand's central banks have joined Singapore's BLOOM initiative to advance cross-border settlement using stablecoins and tokenized deposits. Ripple, Visa, Mastercard, and the World Bank Group are among the participants, alongside Circle, Coinbase, and JPMorgan.
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
Singapore, Malaysia and Thailand Central Banks Push Cross-Border Stablecoin and Tokenized Deposit Settlement According to MAS, the central banks of Singapore, Malaysia and Thailand will work with industry participants on cross-border settlement using regulated stablecoins, tokenized deposits and other forms of digital money. Ripple, Visa, Mastercard, Airwallex and the World Bank Group are among the new participants, with work focused on interoperability between payment networks and programmable compliance controls.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🇲🇾 🇹🇭 LATEST: Malaysia and Thailand’s central banks join Singapore’s BLOOM initiative for cross-border stablecoin and tokenized deposit payments. https://t.co/XNukIecGcv
Open source - CB
Coin Bureau@coinbureauPost on X ·
⚡️ADOPTION: Singapore, Malaysia and Thailand's central banks expand cross-border STABLECOIN initiatives with Ripple, Visa and Mastercard. The move brings stablecoin settlement efforts to three Southeast Asian markets with a combined population of 111 MILLION people. Circle, Coinbase, JPMorgan and Stripe are also involved.
Open source - TB
The BlockArticle ·
Singapore, Malaysia and Thailand central banks expand cross-border stablecoin initiative involving Ripple, Visa and Mastercard Malaysia and Thailand have joined Singapore's BLOOM initiative for cross-border stablecoin and tokenized deposit settlement.
Open source - CB
Crypto BriefingArticle ·
Malaysia and Thailand join Singapore’s BLOOM initiative for stablecoins The collaboration could enhance regional financial integration, streamline cross-border transactions, and foster innovation in digital finance. The post Malaysia and Thailand join Singapore’s BLOOM initiative for stablecoins appeared first on Crypto Briefing .
Open source - SI
Solid Intel 📡@solidintel_xPost on X ·
INTEL: Malaysia and Thailand join Singapore’s BLOOM initiative to develop cross-border payment standards for regulated stablecoins and tokenized bank deposits https://t.co/yPje8F8tgC
Open source