Malaysia and Thailand Join Singapore's BLOOM Stablecoin Initiative

Bank Negara Malaysia and the Bank of Thailand joined Singapore's BLOOM initiative as policymaker members on Friday. BLOOM is a public-private initiative intended to help financial institutions use stablecoins and tokenized deposits for cross-border payments. The Monetary Authority of Singapore launched the initiative in October 2025.

The BLOOM initiative aims to cut costs and help institutions bring services to market faster by reducing the need for bilateral arrangements. The work covers corporate cash management, trade finance, and payments executed by AI agents within predefined limits. BLOOM builds on Project Orchid, which began in 2021 to explore uses for a digital Singapore dollar.

Participants in the BLOOM initiative include Airwallex, Mastercard, Ripple, Visa, and the World Bank Group. Bank Negara Malaysia announced in February that three initiatives would test ringgit stablecoins and tokenized deposits for domestic and cross-border wholesale payments in 2026.