The Monetary Authority of Singapore (MAS) unveiled a new initiative, BLOOM, to enable multi currency settlement using tokenized deposits and stablecoins. Building on Project Orchid which explored retail CBDC and programmable bank tokens, one of BLOOM’s three goals is to enable the distribution and clearing of settlement assets.
This sort of clearing solution can enable a bank to easily exchange a bank balance for a stablecoin, or a stablecoin for a tokenized deposit. It ensures that a Singapore dollar is always worth S$1 whether it’s in the form of a bank deposit, a tokenized bank deposit or a stablecoin. BLOOM stands for Borderless, Liquid, Open, Online, Multi-currency. The project aims to target both domestic and cross border payments involving G10 and Asian currencies.
BLOOM has already attracted 16 high profile participants, including Singapore’s big four banks alongside JP Morgan and Thailand’s Kasikorn Bank as well as four payment providers and three stablecoin issuers, including Circle. MAS is encouraging others to join, including those interested in working with public blockchains.
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