Ripple RLUSD Pilot Goes Live: Singapore Tests Trade Finance Shift

Ripple pilots RLUSD in Singapore MAS sandbox, automating trade finance with XRPL smart contracts and BNY Mellon-backed custody.

Ripple is testing the RLUSD stablecoin in Singapore bank sandbox for trade payments, marking a new step in enterprise blockchain use. 

The pilot focuses on improving cross-border trade finance by using automated payment systems linked to verified shipment data.

Advancing Cross-Border Trade Through Tokenized Settlement

Ripple has joined the Monetary Authority of Singapore’s BLOOM initiative, which focuses on improving cross-border settlement through tokenized bank liabilities and regulated stablecoins.

The initiative reflects Singapore’s continued push to build a more efficient, interoperable, and digitally enabled financial ecosystem.

In partnership with Unloq, Ripple is piloting a trade finance use case.

The project combines Unloq’s SC+ platform with Ripple’s blockchain infrastructure, including the XRP Ledger (XRPL) and RLUSD.

Moreover, the project will demonstrate how modern settlement systems can support global trade more effectively.

The solution integrates trade obligations, settlement conditions, and financing workflows into a unified system.

This approach reduces inefficiencies and streamlines cross-border transactions. It also remains aligned with regulatory standards.

Enhancing Transparency and Efficiency in Trade Finance

A central feature of the collaboration is condition-based payments, where funds are only released once predefined requirements such as shipment verification are fulfilled.

This structure improves transparency and reduces counterparty risk across the trade lifecycle.

Using smart contracts on the XRP Ledger, payments are automatically triggered with RLUSD, minimizing manual processes and delays. This creates a faster, more reliable, and auditable system for trade settlement.

Through their collaboration with MAS, Ripple and Unloq aim to build scalable and interoperable solutions that modernize trade finance infrastructure while expanding access to financing, particularly for SMEs.

Related reading: Ripple Custody Expands Across 20 Regions Powering XRP and RLUSD Use

BNY Mellon Role And Broader Banking Integration

BNY Mellon is serving as the primary custodian for RLUSD reserves. The bank holds over $50 trillion in assets under custody. Its role includes safeguarding the assets backing the stablecoin.

The bank has also begun integrating Ripple Prime for tokenized deposit services. This connects traditional banking systems with blockchain-based infrastructure. The arrangement supports institutional adoption of digital assets.

BNY Mellon CEO Robin Vince spoke about the direction of the sector. He said,

The statement reflects ongoing collaboration between financial institutions and blockchain firms.

Ripple’s work with large banks signals a focus on regulated financial environments. The pilot in Singapore provides a testing ground for such partnerships. It also shows how stablecoins may fit into existing systems without replacing them.

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