Ripple has joined a Singapore central bank-led pilot to test whether its RLUSD stablecoin can handle programmable cross-border trade payments, a move that puts the token into a more formal proving ground just as its circulating value is reported to have climbed sharply.
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The trial sits inside the Monetary Authority of Singapore’s “BLOOM” initiative, which is designed to extend settlement using tokenized bank liabilities and regulated stablecoins. Ripple is working with supply chain finance firm Unloq, using Unloq’s smart-contract-based trade finance infrastructure alongside the XRP Ledger and RLUSD.
Trade-Finance Pilot Aimed At Programmable Settlement
The pilot is built around the idea that trade obligations, settlement conditions and financing steps can be bundled into a single execution flow, rather than stitched together across banks, correspondents and reconciliation teams. If it works, parts of trade settlement that still run on multi-day timelines could compress into something closer to continuous processing.
Ripple has positioned RLUSD as an enterprise-oriented stablecoin, and this test leans into that framing: regulated participants, defined workflows and a focus on trade settlement rather than consumer payments.
BLOOM itself was launched in late 2025, and its remit includes multi-currency settlement concepts that rely on tokenized representations of money moving across networks.
RLUSD’s Rising Footprint & What Investors Should Watch
In the crypto press, RLUSD’s market capitalization has been pegged around $1.5 billion, with some reports suggesting it has expanded more than tenfold over the past year. Figures can vary depending on methodology and circulating-supply assumptions, but the direction of travel is clear: RLUSD is no longer a small, experimental issuance.
The more immediate question is whether the token can translate growth into durable usage.
Trade finance is a high-friction arena with real demand for faster settlement, but it is also compliance-heavy and integration-dependent. Pilot results, counter-parties added to the sandbox, and any indication of production roll-outs will matter more than headline market-cap milestones.
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