Ripple has joined the Bloom project.
Ripple is partnering with Unloq inside the Bloom project initiated by the MAS (Monetary Authority of Singapore) to test the utility of digital assets in the region.
In particular, its RLUSD stablecoin is set to feature alongside the XRP Ledger for cross-border payments in supply chain.
Ripple Managing Director Fiona Murray (Asia Pacific) expressed:
Singapore continues to take a leading role globally in providing the regulatory clarity necessary for the digital asset space to thrive. Ripple is incredibly excited to be part of BLOOM, an initiative that perfectly aligns with our commitment to compliant, real-world utility for blockchain technology.
Unloq focuses on supply chain solutions within trade finance. This includes handling documentation, purchase order and early/later invoice funding for its clients and partners, with over $200B in assets processed.
Last month, it had completed a similar pilot involving a smart-contract financing deal for receivables via XUSD stablecoin.
Stablecoins and digital asset-related technology are revolutionising the way financing is structured and settled, whether national or cross-border. For large supply chain groups, securing orders 24/7 365 can mean a reduction in fund delays and fees involved.
