Visa is working with Nium to explore seven-day stablecoin settlement through Singapore's BLOOM initiative, Fintech News Singapore reports.

The initiative, led by the Monetary Authority of Singapore, tests faster cross-border payments. Payment settlements typically take place on business days, but the pilot will explore settlement on weekends and public holidays using regulated stablecoins backed by major currencies including the US dollar and euro.

"Through BLOOM and our pilot with Nium in Singapore, we are exploring how stablecoins can complement existing payment infrastructure," said Adeline Kim, Visa's Group Country Manager for Regional Southeast Asia.

– With Fintech News Singapore