Ripple has entered Singapore’s BLOOM initiative alongside supply chain finance firm Unloq, announcing on March 25 a joint pilot designed to process commercial payments through shipment-linked settlement on the XRP Ledger. The project places RLUSD trade settlement at the center of what both companies describe as a structural fix for cross-border payment inefficiencies. The Monetary Authority of Singapore backs the initiative.
BLOOM, which stands for Borderless, Liquid, Open, Online, Multi-currency, is a MAS-led program built to extend settlement reach through tokenized bank liabilities and regulated stablecoins. Ripple’s role in it is not peripheral. The firm is running a live pilot with Unloq, using RLUSD and the XRP Ledger as the settlement rails.
RLUSD Payments Unlock Only When Shipment Clears
The mechanics of the pilot are specific. Payments do not move until predefined commercial conditions, specifically shipment verification, are confirmed. That conditionality is built directly into Unloq’s SC+ infrastructure, a trade finance platform that ties together trade obligations, settlement terms, and financing workflows in one execution layer.
According to ChartNerdTA on X, Ripple and Unloq are set to “TEST A NEW PAYMENT SYSTEM” processing commercial payments through shipment via RLUSD, calling it “HUGE.”
Smart contracts on the XRP Ledger handle the trigger. The moment shipment is verified, RLUSD moves. No manual intervention, no delay waiting on traditional correspondent banking infrastructure. That’s the model Unloq and Ripple are stress-testing inside BLOOM’s regulated environment.
Singapore’s Regulatory Position Shapes the Pilot
Fiona Murray, Managing Director for Asia Pacific at Ripple, spoke directly to Singapore’s regulatory role:
“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. Built on the XRP Ledger, SC+ Solution, Unloq’s smart-contract-driven trade finance platform uses RLUSD to automatically trigger payments the moment the shipment is verified. This partnership combines Unloq’s supply chain expertise with Ripple’s secure technology to make global trade faster and more transparent.”
That framing around compliance is deliberate. The pilot isn’t just a technology test. It’s structured to demonstrate that RLUSD trade settlement can operate within existing regulatory guardrails, something MAS’s BLOOM initiative specifically requires from participants.
SME Financing Access Is Part of the Equation
Risk transparency comes up repeatedly in how Ripple and Unloq describe the project. Conditional payment release, tied to shipment confirmation, gives all parties in a trade chain clearer sight lines into where obligations stand. That structure also opens financing access for smaller businesses that traditionally struggle to secure trade finance because of opacity in settlement.
Letitia Chau, President and Chief Risk Officer at Unloq, put it plainly:
“BLOOM represents an important step toward modernising trade finance infrastructure in a controlled and regulated environment. Through SC+, we are demonstrating how digital settlement rails can be integrated into existing trade and financing workflows without disrupting commercial relationships. Collaboration with MAS and Ripple enables us to explore scalable, interoperable models for cross-border trade.”
The project uses both RLUSD and tokenized bank liabilities. Not just one instrument. That dual-asset approach reflects BLOOM’s broader design, which accommodates multiple settlement asset types rather than mandating a single stablecoin standard.
The XRP Ledger Carries the Infrastructure Weight
Unloq’s SC+ platform sits on top of XRPL for a reason. The ledger handles the execution layer where smart contract logic confirms shipment, releases RLUSD, and records the transaction. Ripple’s infrastructure handles the institutional-grade settlement side. Unloq brings the supply chain finance domain knowledge.
The full announcement positions the pilot as a proof of concept for Singapore’s future settlement infrastructure development. If the model holds in a regulated sandbox, the path to broader adoption in cross-border trade becomes clearer. BLOOM is Singapore’s structured test bed for exactly that kind of validation.
