Ripple Joins Singapore Sandbox to Test RLUSD in Trade Finance

Financial technology company Ripple said Wednesday it had joined the Monetary Authority of Singapore’s (MAS) BLOOM initiative with supply chain finance technology firm Unloq to test programmable cross-border trade settlement using the XRP Ledger and Ripple USD.

The pilot will use Unloq’s SC+ smart-contract-driven trade finance infrastructure, which integrates trade obligations, settlement conditions and financing workflow into a single execution layer. The pilot will also utilize Ripple’s XRP Ledger (XRPL) and its stablecoin designed for enterprise use cases, Ripple USD (RLUSD), the announcement states.

MAS launched BLOOM, short for Borderless, Liquid, Open, Online, Multi-currency, in October 2025 to extend settlement capabilities using tokenized bank liabilities and regulated stablecoins.

The pilot comes a little under four months after Ripple said MAS had approved an expanded scope of payment activities for the major payment institution license held by its Singapore subsidiary, Ripple Markets APAC, in December 2025.

Ripple and Unloq said the pilot will use digital settlement assets, including stablecoins and tokenized bank liabilities, with RLUSD payments released when predefined commercial conditions are met. The companies said the model is intended to improve visibility into settlement risk and support trade-finance access for smaller businesses.

Cointelegraph reached out to Ripple for comment on the timeline and details of the pilot initiative.

Related: Stablecoin issuers and fintechs race to own payment rails

Singapore embraces tokenization

Singapore has continued to expand its tokenization agenda across payments, settlement and capital markets.

On Nov. 13, 2025, MAS announced plans to issue tokenized MAS bills to primary dealers, which will be settled using its wholesale central bank digital currency. The central bank said it will share more details about this future trial in 2026.

A day later, on Nov. 14, MAS updated its Guide on Digital Token Offerings to clarify how Singapore’s Securities and Futures Act (SFA) applies to tokenized capital market products and issuing entities. The new guide included case studies, disclosure expectations, and pilot program criteria for the responsible development of tokenization initiatives.