RLUSD operating on XRPL inside BLOOM keeps Ripple's enterprise isolation intact — no DeFi composability, no MEV, no bridge risk, exactly what MAS wants for regulated institutional rails. Unloq's SC+ platform turning shipment confirmations and document verification into machine-readable settlement triggers is where this pilot lives or dies; same oracle problem that stalled most of Project Guardian Phase 1's trade finance experiments. Partior's been clearing SGD/USD bank flows since 2021 using tokenized deposits, so RLUSD has to prove programmable conditionality on a fiat-backed stablecoin is actually worth the overhead vs a tokenized deposit network that already works.

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