Malaysia and Thailand join Singapore’s BLOOM initiative for stablecoins

Bank Negara Malaysia and the Bank of Thailand sign on as policymaker members of the MAS-led push to standardize cross-border stablecoin and tokenized deposit settlement Singapore’s plan to make stablecoins useful for cross-border payments just picked up two important neighbors. Bank Negara Malaysia and the Bank of Thailand joined the BLOOM initiative on Friday as policymaker members. Behind the branding sits a public-private initiative led by the Monetary Authority of Singapore (MAS). Its goal is to help financial institutions use stablecoins and tokenized deposits when moving money across borders. Specifically, the initiative wants to set standard approaches for cross-border settlement and exchange of two kinds of digital money. The first is tokenized bank liabilities, essentially bank deposits represented on a blockchain.

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