Visa joins Singapore Project Bloom stablecoin pilot - CFOtech Asia — 2026-08-25

## Short Segments Visa is diving into the stablecoin waters with Singapore's Project Bloom, aiming to bridge traditional payments with digital assets. Also today, the Blockchain Association is pushing for clear federal rules under the GENIUS Act, and we explore whether Asia's digital banks are ready for the stablecoin era. Later, we'll delve into Visa's strategic move in Singapore and what it means for global payment systems. The Blockchain Association is calling for clear federal rules for stablecoin issuers under the GENIUS Act. In a recent comment letter to U.S. federal regulators, the association emphasized the need for coordinated and clear regulations to avoid overlapping and burdensome requirements. The group specifically urged that Know Your Customer (KYC) rules should be limited to primary-market relationships, arguing that extending them to secondary-market transfers would exceed the GENIUS Act's scope. This push for clarity comes as stablecoins continue to gain traction, and regulatory frameworks are being scrutinized for their impact on innovation and compliance. For stablecoin issuers, this means potential relief from complex regulatory landscapes, allowing them to focus on primary market activities without the added burden of secondary market compliance. Are Asia's digital banks prepared for the stablecoin era? As stablecoins gain momentum, digital banks in Asia are facing new challenges and opportunities. While the initial focus of digital banking was on domestic transactions, the next phase is set to cater to cross-border financial activities. With Singapore and Hong Kong leading the charge in stablecoin regulation, the region is poised for significant changes in how digital banks operate. For these banks, the rise of stablecoins could mean a shift in business models, requiring them to adapt to new regulatory environments and customer expectations. The question remains whether they can integrate stablecoins effectively into their existing systems to meet the demands of a rapidly evolving financial landscape. ## Feature Story Visa joins Singapore's Project Bloom, marking a significant step in integrating stablecoins with traditional payment systems. Led by the Monetary Authority of Singapore, Project Bloom aims to explore how stablecoins can enhance settlement capabilities, offering interoperability between conventional payment rails and digital assets. Visa, in partnership with cross-border payments firm Nium, will test stablecoin-based settlements seven days a week, including weekends and holidays. This pilot could reshape how banks handle cross-border transactions, potentially closing gaps left by traditional banking hours. Visa's involvement in Project Bloom highlights its commitment to expanding its role in the digital asset ecosystem, particularly in Asia, where regulatory frameworks for stablecoins are rapidly evolving. By participating in this initiative, Visa is positioning itself at the forefront of a potential shift in global payment infrastructure. The implications are significant for financial institutions, as successful integration of stablecoins could lead to more efficient and cost-effective cross-border transactions. As the pilot progresses, stakeholders will be watching closely to see if stablecoins can deliver on their promise of seamless, 24/7 settlement capabilities. For now, Visa's move into the stablecoin space signals a growing acceptance of digital assets in mainstream financial systems, setting the stage for broader adoption and innovation in the payments industry.