Malaysia, Thailand Central Banks Join Singapore’s BLOOM Cross-Border Stablecoin Payments Initiative
Summary
- Bank Negara Malaysia and the Bank of Thailand have joined the Monetary Authority of Singapore’s BLOOM cross-border stablecoin payments initiative as policy institution members.
- BLOOM aims to help financial institutions use stablecoins and tokenized deposits for cross-border payments while cutting costs and speeding up service launches.
- Bank Negara Malaysia is separately pursuing three projects this year to pilot ringgit-denominated stablecoins and tokenized deposits for domestic and cross-border wholesale payments.
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Malaysia’s and Thailand’s central banks are joining a Singapore-led cross-border stablecoin payments initiative as policy institution members.
Bank Negara Malaysia and the Bank of Thailand joined the Monetary Authority of Singapore’s BLOOM initiative as policy institution members on Oct. 23, Cointelegraph reported.
BLOOM, short for Borderless, Liquid, Open, Online, Multi-currency, is a public-private initiative that supports the use of stablecoins and tokenized deposits by financial institutions for cross-border payments. MAS said the aim is to lower costs and speed service launches by reducing the need for separate agreements with each counterparty or market.
MAS launched BLOOM in October 2025 based on Project Orchid, which it began in 2021 to explore potential uses for a digital Singapore dollar. In addition to cross-border payments, BLOOM covers corporate treasury management, trade finance and payments executed by AI agents within preset limits.
Current BLOOM participants include Airwallex, Mastercard, Ripple, Visa and the World Bank Group. Separately, Bank Negara Malaysia is pursuing three projects this year to pilot ringgit-denominated stablecoins and tokenized deposits for domestic and cross-border wholesale payments.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.