Malaysia and Thailand join Singapore-led stablecoin payments project
Bank Negara Malaysia and the Bank of Thailand joined Singapore's MAS-led BLOOM initiative as policymaker members. The project aims to standardize cross-border settlement using regulated stablecoins and tokenized bank deposits, with a focus on wholesale trade finance and corporate treasury operations. Participants include Circle, DBS, Stripe, and the World Bank Group.
BLOOM is a public-private effort led by Singapore’s central bank, with a name that spells out Borderless, Liquid, Open, Online, Multi-currency. It began on Oct. 16, 2025, and the Malaysian and Thai central banks became policymaker members about a year later, on Oct. 23, 2026.
The work targets wholesale use cases such as trade finance and corporate treasury, not everyday retail payments. It also builds on Project Orchid, MAS’s earlier trials from 2021 that examined practical uses for a digital Singapore dollar and programmable money. Circle, DBS, Stripe, and the World Bank Group are among participants.
If the standards gain traction, companies engaged in cross-border trade and corporate treasury could face lower settlement costs and simpler compliance, while banks, payment firms, and stablecoin issuers may need to adapt systems and controls. Consumers might benefit indirectly through cheaper or faster business payments, but the project’s wholesale focus means everyday users are unlikely to see immediate changes. Policymaker participation may shape rules, though membership alone does not guarantee deployment.