Malaysia And Thailand Join Singapore Cross-Border Stablecoin Push

Bank Negara Malaysia and the Bank of Thailand have joined Singapore's BLOOM initiative as policymaker members, according to Cointelegraph.

BLOOM, an acronym for Borderless, Liquid, Open, Online, Multi-currency, operates as a public-private initiative designed to assist financial institutions in coordinating the cross-border use of stablecoins and tokenized deposits.

Cost Reduction Goals

According to the Monetary Authority of Singapore, the initiative seeks to reduce operational costs and help institutions deliver services to market at a faster rate. The framework aims to minimize the necessity for financial institutions to establish individual arrangements with each separate counterparty or market.

Originally launched by the Monetary Authority of Singapore in October 2025, BLOOM builds upon Project Orchid, which started in 2021 to investigate potential applications for a digital Singapore dollar. The scope of BLOOM's operations also extends to corporate cash management, trade finance, and payments executed by artificial intelligence agents within predefined limits.

Participant Ecosystem

Participants involved in the BLOOM initiative include major international entities such as Airwallex, Mastercard, Ripple, Visa, and the World Bank Group.

Separately, Bank Negara Malaysia announced in February that three initiatives are scheduled to test ringgit stablecoins and tokenized deposits for both domestic and cross-border wholesale payments throughout 2026.

Key facts

• Bank Negara Malaysia and the Bank of Thailand joined Singapore's BLOOM initiative as policymaker members.
• BLOOM is a public-private initiative supporting the cross-border use of stablecoins and tokenized deposits.
• The Monetary Authority of Singapore launched BLOOM in October 2025, building on Project Orchid.
• Participants in BLOOM include Airwallex, Mastercard, Ripple, Visa, and the World Bank Group.