Yep, or send the email out using a bulkmail job and personalise the bulkmail email that gets sent out for each user. I know you can do it for normal matrix user assets, but not 100% that you can for bulkmail user assets, but I think so. Keep in mind though that this will take longer to send out the bulkmail and put larger load on the server.
Actually, if you are using a trigger you could also try the "Action on other assets" with the send email and potentially pass the bulkmail user's email attribute that way for each email that gets sent, but not sure if that will work.