Asian Central Banks Expand Stablecoin Project With Ripple, Visa, and Mastercard
The central banks of Singapore, Malaysia, and Thailand are expanding cross-border stablecoin work with Ripple, Visa, and Mastercard through the BLOOM project. Ripple's payment system lets clients settle with either RLUSD or XRP, so XRP is not required for the initiative. XRP has fallen sharply in 2026, and the article examines whether stablecoin adoption helps the token.
BLOOM is a public-private effort led by Singapore’s central bank to improve how cross-border payments are completed. Malaysia and Thailand’s central banks and Mastercard are now joining, while earlier trials had Visa and Nium testing round-the-clock stablecoin settlement in dollars and euros. The project covers a regional population above 111 million.
Ripple’s exact part in the expansion is not clearly defined by the participating central banks, which list it only as a participant. Ripple Payments allows settlement in RLUSD or XRP, so the token is not mandatory. XRP traded at $1.32 and had lost 28.8% in 2026 at the time of the report.
If these pilots scale, people and small firms sending money among Singapore, Malaysia, and Thailand could see faster settlement and less friction, while banks and payment providers may adjust fees and compliance. Consumers may gain more choices, but stablecoin use could also raise questions about consumer protection, currency substitution, and access for people outside digital finance. The practical effect likely depends on regulation and whether XRP gains a clear role.