The Central Bank of Malaysia has launched pilot projects for the Ringgit stablecoin and tokenized deposits, focusing on wholesale payment and settlement scenarios, paving the way for policies in 2026.
According to an official statement, Bank Negara Malaysia (BNM) through its Digital Asset Innovation Hub (DAIH) has introduced three major initiatives this year, focusing on testing real-world applications of the Ringgit stablecoin and tokenized deposits. These include domestic and cross-border wholesale payments and asset settlement. The selected projects for testing include:
- Standard Chartered Bank Malaysia and Capital A Bhd: collaborating to launch a Ringgit stablecoin for inter-business (B2B) settlements;
- Maybank: launching tokenized deposits for payment scenarios;
- CIMB Group: launching tokenized deposits for payment scenarios.
These pilot projects will be conducted in controlled environments and in collaboration with financial institutions’ corporate clients and other regulatory bodies.
In its statement, Bank Negara Malaysia stated that these tests aim to assess the impact of stablecoins and tokenized deposits on monetary and financial stability, serving as an important basis for future policy development.
The central bank plans to provide clear guidelines on the use of the Ringgit stablecoin and tokenized deposits by the end of 2026. Additionally, the results of these tests may be integrated with the central bank’s ongoing exploration of wholesale central bank digital currency (wCBDC).
Since its establishment in June 2025, the Digital Asset Innovation Hub (DAIH) has engaged with over 30 domestic and international banks and non-bank institutions, aiming to identify high-impact scenarios with practical applications that support Malaysia’s economic and financial digital transformation.
- This article is reprinted with permission from Blockcast
- Original title: Malaysia’s Central Bank Launches Three Major Initiatives: Testing Applications of the Ringgit Stablecoin and Tokenized Deposits
- Original author: Block Sister MEL
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