TREE NEWS update: Malaysia and Thailand have joined a Singapore-led cross-border stablecoin push, with the BLOOM initiative aiming to cut costs by helping financial institutions coordinate cross-border use of stablecoins and tokenized deposits. The expansion brings two more Southeast Asian markets into the effort to streamline settlement using digital currencies and tokenized bank liabilities.
Malaysia, Thailand join Singapore-led cross-border stablecoin initiative
The addition of Malaysia and Thailand signals that Southeast Asian central banks and regulators are converging on a regional interoperability approach rather than pursuing isolated domestic frameworks. For financial institutions operating across these corridors, the practical question is whether coordinated stablecoin and tokenized deposit settlement can genuinely reduce the friction and cost of cross-border payments at scale. What remains open is whether the BLOOM framework produces concrete shared standards or stays a coordination forum, and whether more markets in the region follow.
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