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Malaysia, Thailand join Singapore’s cross-border stablecoin push
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- DeepHorus
Bank Negara Malaysia and the Bank of Thailand joined Singapore’s BLOOM initiative as policymaker members on Friday. The Monetary Authority of Singapore announced the addition. BLOOM—Borderless, Liquid, Open, Online, Multi-currency—is a public-private project for cross-border stablecoin and tokenized deposit payments. The move expands regional cooperation on digital payment infrastructure.
MAS launched BLOOM in October 2025, building on Project Orchid from 2021. Project Orchid explored uses for a digital Singapore dollar. BLOOM aims to cut costs and speed market entry by reducing bilateral arrangements. It operates as a collaborative framework for financial institutions.
Participants include Airwallex, Mastercard, Ripple, Visa and the World Bank Group. BLOOM covers corporate cash management, trade finance and AI-agent payments within preset limits. These use cases highlight where stablecoins and tokenized deposits can streamline cross-border operations. Major payment firms and multilateral bodies lend practical weight.
BLOOM could lower complexity and settlement costs for cross-border transactions. Bank Negara Malaysia separately announced in February that three initiatives would test ringgit stablecoins and tokenized deposits in 2026. These tests target domestic and cross-border wholesale payments. Malaysia’s parallel effort reinforces its digital currency commitment.
The central bank participation strengthens BLOOM’s regional footprint. It can help align regulatory approaches and build trust in digital payment systems. MAS has positioned BLOOM to bring services to market faster. The collaboration may encourage other Southeast Asian nations to follow.
BLOOM’s work is expected to inform cross-border payment standards. Malaysia’s 2026 tests will provide data on stablecoin and tokenized deposit use. Financial institutions and regulators will closely watch the initiative’s progress. If successful, BLOOM could become a regional model for multi-currency digital payments.
