Malaysia's Bank Negara has announced three pilot programs for ringgit stablecoins and tokenized bank deposits under the Digital Asset Innovation Hub.
These initiatives target domestic and cross-border wholesale payments. The central bank aims to assess the impacts on currency and financial stability.
Partners include Standard Chartered, CIMB, Maybank, and Capital A. Some tests will also evaluate compliance with Sharia (Islamic law).
These programs are built based on the asset tokenization roadmap announced in November 2025. BNM has published a discussion document summarizing use cases such as supply chain finance and programmable finance.
What happened
BNM has received 30-35 applications related to stablecoin innovation. Three of these will be selected for testing in the regulatory sandbox in 2026.
Standard Chartered and Capital A are exploring a ringgit stablecoin for corporate payments. Maybank and CIMB are focusing on tokenized deposits for payments.
A company linked to the crown prince launched the RMJDT stablecoin in December 2025. This token is still being tested within the sandbox and has not been publicly released.
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Why is it important
This pilot project demonstrates a cautious approach to the acceptance of tokenized assets. While institutional demand is increasing on data, risks related to stability still exist.
Wholesale stablecoins limit retail investor exposure. This differs from CBDCs aimed at general consumers, as it focuses on enhancing interbank efficiency.
Industry observers point to the possibility of faster cross-border transaction realizations. However, concerns exist that opaque regulations may hinder the spread of adoption.
BNM's sandbox has allowed flexible testing since 2016. More than 30 institutions have participated in digital asset experiments.
This approach contrasts with the outright bans in some countries like China. Malaysia is seeking a balance between innovation and financial safeguards.
Central banks around the world are testing similar technologies, and the results could influence regional policy directions.
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