Ripple has entered the sandbox program of Singapore’s central bank to test using its RLUSD stablecoin for trade finance. Partnering with Unloq, the pilot aims to automate cross-border trade payments on the XRP Ledger. This follows the company’s recent expansion efforts in Australia to push RLUSD as an institutional settlement asset.
Ripple is partnering with supply chain finance firm Unloq to test an automated trade finance system. The pilot will use the BLOOM sandbox managed by the Monetary Authority of Singapore, according to a report.
The collaboration aims to determine if RLUSD can replace manual processes that have “slowed cross-border trade for decades.” The system would automatically release payments when pre-set conditions, like shipment verification, are met.
Both entities stated current trade finance is “built on layers of manual verification, documentary credits, and correspondent banking relationships that can take days or weeks to settle.” Their solution uses Unloq’s SC+ platform to bundle obligations and workflows into a single layer.
RLUSD will handle the actual money movement on the XRP Ledger. The stablecoin, launched in December 2024 for institutional use, now has a market capitalization approaching $1.5 billion.
This move aligns with Ripple’s recent expansion into the Australian market. The company previously outlined plans to secure an Australian Financial Services License by acquiring BC Payments Australia Pty Ltd.
If completed, the license would allow Ripple to operate a licensed platform for global fund transfers. The goal is to let financial institutions and businesses move value more efficiently across borders.
