Malaysia and Thailand join stablecoin project
📋 Summary
The central banks of Malaysia and Thailand have joined BLOOM, an initiative led by Singapore to test international payments using regulated stablecoins and tokenized deposits. The project brings together banks, card networks, blockchain companies, and the World Bank to reduce costs and improve interoperability between networks.
The central banks of Malaysia and Thailand have joined BLOOM, a public-private initiative led by the Monetary Authority of Singapore (MAS) to develop cross-border payments using digital money. The announcement, made on Friday (23), expands regulatory coordination across Asia around regulated stablecoins, tokenized deposits, and settlement between different networks.
The move matters because the project aims to address one of the biggest obstacles to the institutional adoption of digital assets: enabling tokenized currencies and deposits to move between banks, countries, and different infrastructures without requiring separate integration for each counterparty. In practice, BLOOM seeks to create common models for acceptance, foreign exchange, and settlement.
What Malaysia and Thailand will do in BLOOM
According to MAS’s official statement, Bank Negara Malaysia and the Bank of Thailand are joining BLOOM as public policy makers. The three central banks will work with companies in their respective markets to align rules and practices for international digital payments.
The initiative focuses on three areas. The first is the acceptance and settlement of different forms of digital money across jurisdictions. The second is technical and operational interoperability between networks. The third involves programmable controls, such as identity verification, sanctions screening, and transaction limits.
This combination shows that the project is about more than just technology.
📋 Summary
The central banks of Malaysia and Thailand have joined BLOOM, an initiative led by Singapore to test international payments using regulated stablecoins and tokenized deposits. The project brings together banks, card networks, blockchain companies, and the World Bank to reduce costs and improve interoperability between networks.
The central banks of Malaysia and Thailand have joined BLOOM, a public-private initiative led by the Monetary Authority of Singapore (MAS) to develop cross-border payments using digital money. The announcement, made on Friday (23), expands regulatory coordination across Asia around regulated stablecoins, tokenized deposits, and settlement between different networks.
The move matters because the project aims to address one of the biggest obstacles to the institutional adoption of digital assets: enabling tokenized currencies and deposits to move between banks, countries, and different infrastructures without requiring separate integration for each counterparty. In practice, BLOOM seeks to create common models for acceptance, foreign exchange, and settlement.
What Malaysia and Thailand will do in BLOOM
According to MAS’s official statement, Bank Negara Malaysia and the Bank of Thailand are joining BLOOM as public policy makers. The three central banks will work with companies in their respective markets to align rules and practices for international digital payments.
The initiative focuses on three areas. The first is the acceptance and settlement of different forms of digital money across jurisdictions. The second is technical and operational interoperability between networks. The third involves programmable controls, such as identity verification, sanctions screening, and transaction limits.
This combination shows that the project is about more than just technology.