Visa joins Singapore's Monetary Authority BLOOM initiative to integrate traditional payments with stablecoin networks.
DeFi & Yields ·
Visa has joined BLOOM, a Monetary Authority of Singapore initiative designed to connect traditional payment systems with stablecoin-based settlement networks. The program aims to give financial institutions access to faster, more programmable payment methods while maintaining existing safeguards. As part of the effort, fintech firm Nium will pilot stablecoin-based settlement alongside Visa, testing how regulated, currency-backed digital assets can improve cross-border money movement.
The pilot explores a key operational shift: current payment settlements occur only on business days, but stablecoin rails could enable transactions seven days a week, including weekends and public holidays. The test will support US dollar and euro-denominated stablecoins that meet regulatory requirements. The potential benefits span multiple layers—faster fund access for institutions, simpler payment workflows for businesses, and more seamless experiences for end users regardless of the underlying technology involved.
The initiative remains in early pilot stages with limited details on timeline, scale, or which other financial institutions might participate. Whether the model can scale beyond Singapore's regulatory environment and attract broader industry adoption remains to be seen.