February 11 News, Bank Negara Malaysia (BNM) announced plans to launch three pilot projects by 2026 focused on local currency stablecoins and tokenized deposits, primarily serving domestic and cross-border wholesale payment scenarios. The initiatives are coordinated by the Malaysia Digital Asset Innovation Hub (DAIH), which serves as Malaysia’s regulatory sandbox for testing crypto and blockchain financial applications.
BNM revealed in the announcement that these three projects will be led by multiple local and international banks. One project, led by Standard Chartered Malaysia and Capital A, will focus on Ringgit stablecoin settlement for B2B scenarios. The other two, led by Maybank and CIMB, will concentrate on tokenized deposit solutions for payment purposes. These tests aim to evaluate the potential impact of stablecoins and on-chain deposits on the monetary system, liquidity management, and financial stability.
BNM stated that based on the pilot results, the regulator plans to clarify the rules for Ringgit stablecoins and tokenized deposits by the end of 2026. The findings will be integrated with the central bank’s existing wholesale CBDC research to improve cross-institutional and cross-border settlement efficiency.
This move also reflects the rapid advancement of stablecoins and on-chain financial infrastructure in Asia. Hong Kong has established a stablecoin licensing regime and is testing tokenized deposits through the Ensemble project; Singapore is exploring institutional-level on-chain payments under the Guardian project; Japan plans to launch its first yen-pegged stablecoin, JPYC, by the end of 2025, with MUFG, SMBC, and Mizuho initiating enterprise payment pilots.
As multiple central banks accelerate their deployment, stablecoins and tokenized deposits are moving from concept validation to real-world applications. Malaysia’s initiative is seen as an important step in regional digital currency infrastructure upgrades, opening new possibilities for cross-border settlement and institutional blockchain applications.
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