A key difference in 2025 is the extent of involvement of enormous financial institutions. Large organizations are collaborating on production-ready blockchain systems moderately than conducting isolated pilot projects. This transition began in November 2023, when JPMorgan and the Monetary Authority of Singapore (MAS) made the primary binding interbank payment on a public blockchain, tokenizing Singapore dollars via the Polygon network (a public, Ethereum-compatible blockchain, optimized for low-cost, high-speed transactions).
The transaction demonstrated that public blockchains can support transparent, final settlement of regulated payments, marking a vital milestone beyond early experiments.
MAS has expanded on this work Project BLOOMan initiative to develop a scalable, cross-institutional clearing framework for tokenized liabilities, including business bank deposits and controlled banks Stablecoins.
Designed to operate across each public and permissioned blockchains, BLOOM goals to enhance interoperability and support coordinated issuance, settlement and settlement. These developments suggest that, over time, core banking and investment systems would require the flexibility to interact with programmable, constantly available and transparent ledgers as blockchain-based settlement gains traction.
This blog examines three critical dimensions of this implementation: latest infrastructure, cross-border liquidity and practical implementation.
