Malaysia and Thailand Join Singapore's BLOOM Cross-Border Stablecoin Initiative
Malaysia and Thailand have joined Singapore’s BLOOM initiative, expanding a cross-border digital-money effort originally launched by Singapore’s central bank, according to The Block. The Block reports the initiative now involves the central banks of Singapore, Malaysia and Thailand, alongside private-sector participants including Ripple, Visa and Mastercard.
According to The Defiant, the expanded participant group also includes the World Bank Group, with work centered on building cross-border settlement frameworks and improving interoperability between financial systems.
Cointelegraph describes BLOOM’s goal as helping financial institutions coordinate the use of stablecoins and tokenized deposits across borders in order to cut transaction costs. The initiative brings together central banks and major payments and blockchain companies to work on shared standards for settling cross-border payments using stablecoins and tokenized bank deposits, rather than relying solely on existing correspondent-banking rails.
None of the sources specify a timeline for implementation or detail the technical architecture BLOOM participants plan to adopt.
Sources: The Defiant, Cointelegraph, The Block
This article is for information only and is not financial advice.
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