3 Asian Central Banks Unite to Connect Stablecoins Across Borders

Three Asian central banks are developing common approaches to moving regulated stablecoins and digital bank deposits across borders. The BLOOM initiative aims to reduce the cost and complexity of connecting financial institutions in different markets. Cross-border digital money settlement is the focus of expanded cooperation among the central banks of Singapore, Malaysia, and Thailand. The Monetary Authority of Singapore (MAS) announced the BLOOM expansion on Oct. 23, adding Bank Negara Malaysia and the Bank of Thailand as policymaker members. Named for Borderless, Liquid, Open, Online, and Multi-currency, BLOOM is a public-private initiative involving regulators, banks, payment networks, and technology providers. Its scope includes regulated stablecoins designed to track a reference asset , often a national currency, and tokenized deposits, which represent bank deposits recorded as digital tokens.

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