Bank Negara Malaysia and Bank of Thailand join Singapore's BLOOM cross-border stablecoin initiative
Malaysia and Thailand's central banks joined Singapore's BLOOM initiative for cross-border stablecoin and tokenized deposit payments.
Why it matters
The participation of three major Southeast Asian central banks creates a coordinated framework for cross-border stablecoin settlement, potentially replacing slower and costlier correspondent banking networks for substantial trade and remittance flows between Singapore, Malaysia, and Thailand.
Key facts
BLOOM stands for Borderless, Liquid, Open, Online, Multi-currency and was launched by MAS in October 2025
Reported by Cointelegraph
BLOOM aims to cut costs and help institutions bring services to market faster by reducing bilateral counterparty arrangements
Reported by Cointelegraph
BLOOM participants include Airwallex, Mastercard, Ripple, Visa, and the World Bank Group
Reported by Cointelegraph
Bank Negara Malaysia announced in February 2026 that three initiatives would test ringgit stablecoins and tokenized deposits for wholesale payments in 2026
Reported by Cointelegraph
BLOOM's work covers corporate cash management, trade finance, and AI-agent-executed payments within predefined limits
Reported by Cointelegraph
BLOOM builds on Project Orchid which began in 2021 to explore uses for a digital Singapore dollar
Reported by Cointelegraph
What happened
Bank Negara Malaysia and the Bank of Thailand formally joined BLOOM, a Monetary Authority of Singapore-led public-private initiative for cross-border stablecoin and tokenized deposit infrastructure. BLOOM, launched in October 2025, aims to reduce costs and speed market entry for financial institutions by minimizing bilateral counterparty arrangements. Participants include Airwallex, Mastercard, Ripple, Visa, and the World Bank Group. Bank Negara Malaysia had previously announced in February 2026 that three initiatives would test ringgit stablecoins and tokenized deposits for domestic and cross-border wholesale payments.
How the story developed
- First report
First report by Cointelegraph
Malaysia, Thailand join Singapore’s cross-border stablecoin push
- Update
Project Orchid begins
MAS starts exploring uses for a digital Singapore dollar
- Official statement
MAS launches BLOOM initiative
Borderless, Liquid, Open, Online, Multi-currency initiative launched for cross-border stablecoin infrastructure
- Official statement
Bank Negara Malaysia announces ringgit stablecoin tests
Three initiatives to test ringgit stablecoins and tokenized deposits for domestic and cross-border wholesale payments in 2026
- Official statement
Bank Negara Malaysia and Bank of Thailand join BLOOM
Two central banks formally join Singapore's BLOOM initiative as policymaker members
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 23 Oct 2026, 07:15 UTC: Cointelegraph — 1 independent source, 1 reports
- 23 Oct 2026, 07:24 UTC: Bitcoin Insider — 2 independent sources, 2 reports
- 23 Oct 2026, 10:04 UTC: Crypto.News — 3 independent sources, 3 reports
- 23 Oct 2026, 21:52 UTC: CryptoPotato — 4 independent sources, 5 reports
- 24 Oct 2026, 03:35 UTC: Unchained — 5 independent sources, 6 reports
- 24 Oct 2026, 05:30 UTC: Bitcoin.com News, official — 6 independent sources, 7 reports
Affected entities
Also mentioned: USD Coin, Coinbase, United States, XRP, NYSE, Bitcoin, European Union
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | 3 Asian Central Banks Unite to Connect Stablecoins Across Borders | Independent | |
| Cointelegraph Crypto media | Malaysia, Thailand join Singapore’s cross-border stablecoin push | Original | |
| Unchained Crypto media | Singapore’s BLOOM Adds Malaysian and Thai Central Banks, but MAS Names No Token | Independent | |
| Crypto.News Crypto media | Singapore, Malaysia and Thailand team up to make stablecoin payments easier | Independent | |
| CryptoPotato Crypto media | Malaysia and Thailand Central Banks Join Singapore’s BLOOM as Roster Hits 24 Firms | Independent | |
| Bitcoin Insider Aggregator | BLOOM Stablecoin Initiative Expands as Two More Central Banks Sign On | Syndicated | |
| Bitcoin Insider Aggregator | Malaysia and Thailand Join Singapore’s Cross-Border Digital-Money Initiative | Syndicated |
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