According to CoinMeta, the Monetary Authority of Singapore announced an expansion of the bloom cross-border digital currency settlement plan, with the Bank of Malaysia and the Bank of Thailand joining in as policy-making members of the initiative. bloom is a public-private partnership initiative that covers regulated stablecoins and tokenized deposits, with participants including Mastercard, Visa, Nium, Ripple, Circle, Coinbase, Airwallex, Maybank, Monee, ShopeePay, and the World Bank Group. The plan will study the acceptance of different forms of currency, inter-institutional contracting, settlement, and system connectivity, and implement identity verification and sanctions screening through programmable controls. Its applications cover payments, corporate finance, and trade financing.