The Monetary Authority of Singapore has launched the Blockchain Settlement solution "BLOOM Project".

Techub News reports that the Monetary Authority of Singapore (MAS) has launched a blockchain settlement solution called the “BLOOM Project” (borderless, liquidity, open, online, multi-currency) to enhance the settlement capabilities provided by financial institutions. Through BLOOM, MAS will collaborate with the financial industry to enable the settlement of tokenized bank liabilities and well-regulated stablecoins, while effectively managing risks in the rapidly evolving landscape of digital settlement assets through standardized methods.

BLOOM is built on the foundation of Project Orchid launched in 2021, which explored the use cases of the digital Singapore Dollar and the necessary infrastructure. In addition, BLOOM addresses the growing interest of private sector participants in tokenized bank liabilities and well-regulated stablecoins as settlement assets, including tokenized central bank reserves. BLOOM members will collaborate to tackle challenges and opportunities of common concern in the industry. Initial focus areas include: allocation and settlement of settlement assets, programmable controls, and agent payments.