According to CoinDesk, Ripple has announced its participation in the BLOOM initiative under Singapore’s Monetary Authority of Singapore (MAS), where it will test an automated cross-border trade finance settlement solution powered by the stablecoin RLUSD within the regulatory sandbox. Ripple, in collaboration with supply chain fintech company Unloq, has built a condition-triggered payment system on the XRP Ledger: when predefined conditions such as cargo verification are met, the system automatically releases RLUSD payments, replacing the cumbersome traditional trade finance processes that rely on manual verification, letters of credit, and correspondent banking relationships, significantly reducing settlement cycles from days or even weeks to near-instantaneous.
Ripple Joins MAS BLOOM Sandbox to Pilot RLUSD-Powered Trade Finance Settlement
TechFlowShare
Summary
Ripple has joined MAS’s BLOOM Sandbox to test a cross-border trade finance solution using RLUSD, as part of its broader CFT initiatives. Partnering with Unloq, Ripple is developing a payment system on the XRP Ledger that automatically releases funds when predefined conditions are met, eliminating manual checks and letters of credit. Amid increased regulatory clarity in key markets, some investors are turning to BTC as a hedge against inflation.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.