The pilot will explore how regulated stablecoins can enable settlement to take place around the clock.
Visa announced its participation in BLOOM (Borderless, Liquid, Open, Online, Multi-currency), a new initiative led by the Monetary Authority of Singapore (MAS) to extend settlement capabilities offered by financial institutions. Financial technology platform Nium will also support the initiative as Visa’s partner to pilot the use of stablecoins for settlement.
The initiative brings together industry participants to address how financial institutions can benefit from faster payment methods without sacrificing existing safeguards.
As part of this effort, Nium becomes Visa’s first partner under BLOOM, exploring new ways to move money across borders more efficiently while leveraging Visa’s payment network. The pilot will also support regulated stablecoins that are backed by major currencies, including US dollar- and euro-denominated stablecoins.
Adeline Kim, Group Country Manager for Regional Southeast Asia and SVP, Global Clients & Acquirers, Asia Pacific, Visa, said: “Through BLOOM and our pilot with Nium in Singapore, we are exploring how stablecoins can complement existing payment infrastructure, enabling greater flexibility in settlement while preserving the security, resilience and compliance standards that underpin global commerce.”
Amaresh Mohan, Chief Risk and Compliance Officer at Nium, added: “By bringing together the security and trust of established payment networks with the efficiency and programmability of digital currencies, we unlock real value for financial institutions and their customers.”
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