Visa, Nium Pilot Stablecoin Settlements Beyond Business Days Under MAS’ BLOOM
What's happening
Visa has joined the Monetary Authority of Singapore (MAS)-led BLOOM initiative to pilot stablecoin settlement alongside payments firm Nium, exploring seven-day and 24/7 settlement models. BLOOM, which stands for Borderless, Liquid, Open, Online and Multi-currency, brings together financial institutions and payments companies to test faster, programmable cross-border payments; Maybank Singapore is a recent participant. The pilot is positioned as a step toward interoperability between traditional payment rails and stablecoin networks and is testing whether cross-border payments can be settled every day of the week.
Why it's trending
Because MAS's BLOOM is running coordinated industry pilots now, and major players like Visa, Nium and Maybank Singapore are testing seven-day/24/7 stablecoin settlement models.
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Visa is testing whether cross-border payments can settle every day, not just on business days, by piloting stablecoin settlements with Nium under MAS's BLOOM program, here's what that actually means for payments firms today.
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Original sources5
- Visa and Nium test stablecoin settlement in Singapore
Visa has delved further into how stablecoins can complement existing payment infrastructure by joining an initiative led by the Monetary Authority of Singapore (MAS). Visa has announced its involvement in BLOOM, which stands for Borderless, Liquid, Open, Online, Multi-currency. The initiative gathers financial institutions and payments companies to test new settlement models. Adeline Kim, Group [&
Payment ExpertAug 27 - Will Visa's BLOOM Initiative Give It an Edge in Digital Payments?Yahoo FinanceAug 26
- Visa joins MAS-led project to pilot stablecoin settlement
Visa has joined a Monetary Authority of Singapore (MAS)-led project focused on connecting traditional payments and stablecoin networks.
FinextraAug 26
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