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Singapore Accelerates Tokenization with XRPL at the Core of Real-World Finance
Singapore is rapidly establishing itself as a global leader in digital assets and blockchain innovation, driving large-scale tokenization initiatives from pilot projects to real-world implementation.
From Pilot to Full-Scale Deployment
At the November 2024 Layer One Summit, Leong Sing Chiong, Deputy Managing Director at the Monetary Authority of Singapore (MAS), highlighted the country’s accelerating momentum in tokenized financial services.
- Project Guardian, alongside other initiatives, is advancing from Proof of Concept to full implementation in 2025.
- The Guardian Wholesale Network Industry Group, comprising Citi, HSBC, Schroders, Standard Chartered, and UOB, is pushing collaborative infrastructure.
- Global Layer One (GL1), launched by MAS with financial heavyweights such as BNY Mellon, Citi, J.P. Morgan, MUFG, and Societe Generale-FORGE, aims to build “public permissioned” infrastructure for commercial networks, with HSBC and Euroclear later joining.
The International Capital Market Association (ICMA) now leads Project Guardian, transitioning from experimental pilots to establishing core infrastructure for Real World Assets (RWAs).
Notably, MAS and Standard Chartered tokenized $500 million in trade finance assets in 2022, and Singapore has since approved stablecoins from Paxos and StraitsX.
XRPL’s Expanding Role
Singapore’s push for compliance, security, and efficiency is drawing major institutions toward public blockchains like the XRP Ledger (XRPL). The platform’s features — such as digital identity security, fraud reversal, and regulatory alignment — have positioned it as a preferred choice for tokenization projects.
Key figures underscore XRPL’s growth:
- Tokenized RWA value on XRPL rose from under $5 million at the start of 2025 to $118 million by June 2025.
- Ripple was ranked the 23rd most valuable private company, further boosting XRPL’s global profile.
Global fintech incubator Tenity recently partnered with Ripple to accelerate XRPL-based startups in Singapore. Ripple APAC Managing Director Fiona Murray sees this as a catalyst for new talent and scalable use cases, reinforcing Singapore’s blockchain leadership.
Investment and Adoption Trends
In 2024, Singapore attracted $750 million in FinTech investments — representing 60% of the nation’s total sector funding. XRP ranks among the most popular cryptocurrencies in the country, accounting for 17% of Singaporeans’ crypto holdings.
While fostering innovation, Singapore maintains strict oversight, enforcing licensing requirements for crypto firms to ensure market integrity.
@ Newshounds News™
Source: Crypto News Flash
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Western Union Is Preparing to Launch Its Own Stablecoin
Western Union Co is reportedly exploring the launch of its own dollar-backed stablecoin as more cryptocurrency projects challenge its long-standing role in moving money across borders.
“We are exploring the opportunity for us to issue a stablecoin, particularly in non-US markets,”
– CEO Devin McGranahan
McGranahan explained that it could be “almost like a savings account in US dollars” for customers in countries where local regulations allow it.
Why the Sudden Push for a Stablecoin?
- This development comes just weeks after the U.S. government passed laws to bring stablecoins into the financial mainstream.
- For remittance companies, this shift is critical—many new crypto-driven projects promise to make sending money faster and cheaper.
- Currently, Western Union sends money via partner banks in different countries—a process that can take two to three days to reach recipients.
- A stablecoin could speed up transactions and eliminate reliance on traditional banking links.
Competitive Pressure in the Remittance Market
- PayPal has already launched a dollar-backed stablecoin and integrated it into its remittance service, Xoom.
- Circle (issuer of USDC) is expanding globally via bank and fintech partnerships.
- MoneyGram now allows customers to send USDC and may soon use stablecoins for internal operations.
- Remitly has launched a multi-currency wallet supporting both fiat and digital currencies, teaming up with Bridge (recently acquired by Stripe) to enhance stablecoin adoption.
Western Union’s Financial Pressure
- Shares have dropped about 27% since January 2025, placing the company under market pressure.
- Analysts at Capstone have suggested that industry changes could make Western Union a buyout target for a major crypto company like Circle, which went public in June.
- McGranahan commented:
“If someone came and offered us the appropriate value that we believe the company is worth, we obviously would entertain that.”
Potential Partnerships and Strategic Goals
- Western Union may partner with major players in the crypto industry rather than building the stablecoin alone.
- The goal: give remittance recipients the option to hold funds in a stable currency like the U.S. dollar, avoiding the need to convert all funds into potentially volatile local currencies.
- McGranahan noted the stablecoin could serve as a bridge between digital finance and traditional banking, enabling smooth movement between the two systems.
@ Newshounds News™
Source: CryptoTimes
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