Ripple has expanded its payment services in Singapore under an enhanced regulatory license from the Monetary Authority of Singapore (MAS). The company is also participating in a MAS-led trade settlement pilot using the XRP Ledger and its RLUSD stablecoin. These developments contributed to a significant increase in XRP’s trading volume and price on the day of the announcement.
Ripple has secured broader approval from the Monetary Authority of Singapore (MAS) to expand its regulated payment activities. The enhanced Major Payment Institution license allows the firm to offer more digital asset payment services in a key Asia-Pacific market.
The company is also participating in MAS’s BLOOM initiative through a pilot with Unloq. This program tests programmable trade settlement for cross-border commerce using Ripple’s technology and RLUSD.
The pilot aims to improve the efficiency of trade finance by automating payments upon meeting pre-agreed conditions. This provides a tangible utility framework for the XRP Ledger in a regulated environment.
Following the news, XRP’s trading volume surged from $2.1 billion to $3.6 billion. The token’s price also recovered from $1.38 to $1.42, indicating strong market reaction.
Singapore has become a critical operational hub for Ripple since 2017. The region represents one of the company’s fastest-growing markets and a central proving ground for its technology.
