MAS Launches Initiative for Tokenized Liabilities, Stablecoins
Singapore’s financial regulator has announced a new initiative focused on the settlement of tokenized bank liabilities and stablecoins.
The Monetary Authority of Singapore (MAS) has formed a new initiative called BLOOM (Borderless, Liquid, Open, Online, Multi-currency) to enable settlement in tokenized bank liabilities and «well-regulated stablecoins», according to a statement.
The BLOOM will encompass the use of G10 and Asian currencies, domestic and cross-border payments, and wholesale use cases such as corporate treasury management, trade finance and agentic payments. Initial focus areas include distribution and clearing of settlement assets, programmable controls to enhance and automate compliance checks, and agentic payments for seamless and automated transactions.
Project Orchid
BLOOM builds on efforts achieved by Project Orchid, which explored use cases for a digital Singapore dollar and related supporting infrastructure. It was established in 2021, with more than 10 trials having been conducted.
«Project Orchid established the technical competencies necessary to support the digital Singapore dollar and explored potential use cases for it. BLOOM takes this further, enhancing the range of settlement asset options for participants,» commented Kenneth Gay, chief fintech officer, MAS.
«This complements ongoing MAS-industry collaboration on asset tokenisation under Project Guardian and foundational infrastructures under the Global Layer One initiative. By addressing the operational and implementation challenges of settlement assets, BLOOM helps financial institutions enhance their digital asset capabilities and catalyze the next wave of financial innovation.»
