Visa Tests Stablecoin Settlement in Singapore with BLOOM Initiative

Visa is testing stablecoin settlement in Singapore as part of the Monetary Authority's BLOOM initiative. The pilot aims to allow settlements on weekends and public holidays, something traditional banking hours do not support.

The project uses both dollar- and euro-backed stablecoins and targets settlement infrastructure between institutions. Visa's trial is being run under the framework of Singapore's highly regulated environment, which could lead to a solid solution for the market if successful.

Stablecoins have been increasing in use cases within Singapore's consumer economy, with Metro department stores supporting transactions using dollar-based assets like USDT and USDC last year. The Visa pilot marks its first project inside the framework run by the Monetary Authority of Singapore.