A key distinction in 2025 is the level of engagement from major financial institutions. Large organizations are collaborating on production-grade blockchain systems rather than conducting isolated pilots. This transition began in November 2023, when JPMorgan and the Monetary Authority of Singapore (MAS) executed the first binding interbank payment on a public blockchain, settling tokenized Singapore dollars on 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 for regulated payments which is an important milestone beyond early experimentation.
MAS extended this work through Project BLOOM, an initiative to develop a scalable, multi-institution clearing framework for tokenized liabilities, including commercial bank deposits and regulated stablecoins.
Designed to operate across both public and permissioned blockchains, BLOOM aims to improve interoperability and support coordinated issuance, clearing, and settlement. These developments suggest that core banking and investment systems will, over time, require the capability to interact with programmable, continuously available, and transparent ledgers as blockchain-based settlement gains traction.
This blog explores three critical dimensions of this execution: emerging infrastructure, cross-border liquidity, and real-world adoption.