The post Singapore launches initiative to scale tokenized finance and stablecoin use appeared on BitcoinEthereumNews.com. Singapore’s MAS is setting the stage for the next level of tokenized finance with the launch of a new initiative designed to scale digital asset settlement and boost global financial systems. Summary Regulatory authorities in Singapore have unveiled an initiative that will expand settlement capabilities using tokenized bank liabilities and stablecoins. The initiative aims to improve financial innovation by addressing challenges in asset tokenization and streamlining digital asset capabilities for financial institutions. The MAS plans to collaborate with major financial institutions like Circle, DBS, and Stripe to enhance settlement systems and automate compliance checks. The Monetary Authority of Singapore (MAS) has introduced a new initiative named BLOOM (Borderless, Liquid, Open, Online, Multi-currency), aimed at expanding settlement capabilities through tokenized bank liabilities and regulated stablecoins. Announced in an Oct. 16 report, the effort is designed to meet the growing needs of the digital settlement asset sector while managing emerging risks through standardized approaches. BLOOM builds upon the insights gathered from Project Orchid, launched in 2021, which explored the use cases for a digital Singapore dollar. The success of more than 10 trials in Project Orchid provided MAS with valuable industry reports on practical applications, which have since been used to develop market-ready solutions by financial institutions.  The new initiative will focus on tokenized financial assets and stablecoins, ensuring that these assets can be effectively integrated into payment systems both domestically and globally. The initiative aims to address key industry challenges, working collaboratively with major financial players. Some of its core objectives include: Cross-border and Domestic Payments: BLOOM will focus on improving cross-border payments, enabling smoother transactions and settlement. Use of Multiple Currencies: BLOOM supports the use of G10 and Asian currencies, which will foster a more global and versatile ecosystem. Wholesale Use Cases: BLOOM caters to sectors such as corporate treasury… The post Singapore launches initiative to scale tokenized finance and stablecoin use appeared on BitcoinEthereumNews.com. Singapore’s MAS is setting the stage for the next level of tokenized finance with the launch of a new initiative designed to scale digital asset settlement and boost global financial systems. Summary Regulatory authorities in Singapore have unveiled an initiative that will expand settlement capabilities using tokenized bank liabilities and stablecoins. The initiative aims to improve financial innovation by addressing challenges in asset tokenization and streamlining digital asset capabilities for financial institutions. The MAS plans to collaborate with major financial institutions like Circle, DBS, and Stripe to enhance settlement systems and automate compliance checks. The Monetary Authority of Singapore (MAS) has introduced a new initiative named BLOOM (Borderless, Liquid, Open, Online, Multi-currency), aimed at expanding settlement capabilities through tokenized bank liabilities and regulated stablecoins. Announced in an Oct. 16 report, the effort is designed to meet the growing needs of the digital settlement asset sector while managing emerging risks through standardized approaches. BLOOM builds upon the insights gathered from Project Orchid, launched in 2021, which explored the use cases for a digital Singapore dollar. The success of more than 10 trials in Project Orchid provided MAS with valuable industry reports on practical applications, which have since been used to develop market-ready solutions by financial institutions.  The new initiative will focus on tokenized financial assets and stablecoins, ensuring that these assets can be effectively integrated into payment systems both domestically and globally. The initiative aims to address key industry challenges, working collaboratively with major financial players. Some of its core objectives include: Cross-border and Domestic Payments: BLOOM will focus on improving cross-border payments, enabling smoother transactions and settlement. Use of Multiple Currencies: BLOOM supports the use of G10 and Asian currencies, which will foster a more global and versatile ecosystem. Wholesale Use Cases: BLOOM caters to sectors such as corporate treasury…