Malaysia and Thailand join Singapore's BLOOM stablecoin initiative as policymaker members
Image: CointelegraphBank Negara Malaysia and the Bank of Thailand joined Singapore's BLOOM initiative on Friday as policymaker members. BLOOM is a public-private initiative led by the Monetary Authority of Singapore. It aims to help financial institutions use stablecoins and tokenized deposits for cross-border payments. The initiative seeks to cut costs and coordinate cross-border use. BLOOM builds on Project Orchid, which began in 2021 to explore uses for a digital Singapore dollar.
Key points
- Bank Negara Malaysia and the Bank of Thailand joined BLOOM as policymaker members on Friday.
- BLOOM is a public-private initiative led by the Monetary Authority of Singapore.
- BLOOM aims to help financial institutions use stablecoins and tokenized deposits for cross-border payments.
- BLOOM aims to cut costs and reduce coordination expenses for cross-border payments.
Why it matters
The addition of two central banks expands policymaker involvement in a MAS-led effort to coordinate cross-border stablecoin and tokenized deposit use. BLOOM's stated goal is to cut costs and coordination expenses for cross-border payments.
Sources · 3 publishers
Cointelegraph
Tier 1
Malaysia, Thailand join Singapore’s cross-border stablecoin push
Crypto Briefing
Tier 2
Malaysia and Thailand join Singapore’s BLOOM initiative for stablecoins
Coverage timeline
- First reported by The Defiant
- Also reported by Cointelegraph
- CryptoVideos brief published
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