[CoinDesk] UK, Singapore, and Thailand central banks test cross-border FX settlement as stablecoins gain ground

The Bank of England, Monetary Authority of Singapore, and Bank of Thailand completed a cross-border foreign-exchange settlement trial under Project Meridian FX APAC, demonstrating coordination between conventional payment systems and blockchain-based settlement infrastructure. The project tested synchronization of FX transactions across both traditional and distributed ledger rails, aiming to reduce settlement risk in cross-currency payments. The trial comes as stablecoins gain traction in cross-border payments, pressuring central banks to modernize wholesale settlement. Specific transaction volumes and participant counts were not disclosed in the announcement. The results feed into ongoing work on atomic settlement and interoperability standards, with market participants watching whether such pilots advance toward production use.