Visa said on Aug. 25 that it will join the Monetary Authority of Singapore-led BLOOM initiative, with Singapore-founded payments company Nium as its first partner for a stablecoin settlement pilot.

The pilot will test whether regulated stablecoins backed by major currencies, including US dollar- and euro-denominated stablecoins, can support settlement seven days a week, including weekends and public holidays.

This could allow financial institutions to access funds outside traditional business-day schedules.

BLOOM, short for Borderless, Liquid, Open, Online, Multi-currency, is an MAS-led initiative designed to enable interoperability between traditional payment systems and stablecoin-based payment rails.

🔗 Source: Visa

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