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Asian Central Banks Develop Common Stablecoin Approaches
Three Asian central banks, including the Monetary Authority of Singapore, Bank Negara Malaysia, and the Bank of Thailand, are developing common approaches to moving regulated stablecoins and digital bank deposits across borders. The BLOOM initiative aims to reduce the cost and complexity of connecting financial institutions in different markets, focusing on cross-border digital money settlement. The initiative involves regulators, banks, payment networks, and technology providers, and includes applications in payments, corporate treasury operations, and trade finance.