According to CoinMeta, Malaysia and Thailand joined Singapore's Bloom digital currency initiative on October 23, 2026, becoming members of the policy-making group. Bloom (which stands for borderless, liquid, open, online, multi-currency) is a public-private partnership initiative aimed at helping financial institutions use stablecoins and tokenized deposits for cross-border payments. The Singapore Monetary Authority stated that Bloom is designed to reduce costs and speed up the process of launching services by minimizing the need for financial institutions to establish arrangements with each counterparty or market.