The Monetary Authority of Singapore launches the BLOOM project to promote stablecoin settlement

According to Foresight News, the Monetary Authority of Singapore (MAS) launched the BLOOM initiative (borderless, liquid, open, online, multi-currency) to expand the settlement capabilities provided by financial institutions. Through BLOOM, MAS will work with the financial industry to enable the settlement of tokenized bank debt and well-regulated stablecoins, while effectively managing risks in the rapidly evolving digital settlement asset landscape through a standardized approach.


BLOOM builds on Project Orchid, which explored use cases for a digital Singapore dollar and the infrastructure it requires. Additionally, BLOOM addresses the growing interest among private sector players in tokenized bank liabilities and well-regulated stablecoins as settlement assets, including tokenized central bank reserves. BLOOM members will work together to address challenges and opportunities of common concern to the industry. Initial areas of focus include: distribution and liquidation of settlement assets, programmable control measures, and agency payments.

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