Malaysia’s central bank has announced that its Digital Asset Innovation Hub (DAIH) has onboarded three initiatives to test real-world applications involving Ringgit stablecoins and tokenized deposits in 2026.
According to a Bank Negara Malaysia (BNM) press release, the three new initiatives will focus on wholesale payment use cases across both domestic and cross-border transactions; two on tokenized deposits for payments and one on Ringgit (Malaysia’s national currency) stablecoins for B2B settlement.
The BNM said that certain use cases will also explore Shariah-related considerations.
“These initiatives will be conducted in a controlled environment and involve collaboration with ecosystem partners, including corporate clients of financial institutions and other regulators,” said BNM. “The testing will allow BNM to assess the implications to monetary and financial stability and inform our policy direction in these specified areas.”
BNM said that it intends to provide greater clarity on the use of ringgit stablecoins and tokenized deposits by the end of 2026, adding that it hopes these efforts “could also be a precursor to future integration with existing work by BNM, such as on wholesale central bank digital currency (wCBDC).”
The DAIH was launched in June 2025 to “foster responsible innovation in the digital asset space,” and support the digitalization of Malaysia’s financial sector and wider economy.
“From topics like financial literacy and digital assets, to climate finance and even healthcare reforms, these are the building blocks of a stronger, more resilient Malaysia,” said BNM Governor Dato’ Seri Abdul Rasheed Ghaffour, on the launch of the DAIH.
Since then, the BNM said it has engaged over 30 international and domestic players from both banking and non-banking sectors.
“These engagements have enabled BNM to identify and prioritize high-impact use cases with clear value propositions that support the digitalisation of Malaysia’s economy and financial sector,” said BNM.
In terms of the latest initiatives, Standard Chartered Bank Malaysia Berhad and Capital A Berhad will be exploring Ringgit stablecoins for B2B settlement, while Malayan Banking Berhad (Maybank) and CIMB Group Holdings Berhad (CIMB) will be independently testing tokenized deposits for payments.
These latest initiatives are in keeping with Malaysia’s roadmap for exploring the tokenization of real-world financial assets announced by the central bank last November.
The BNM said, in a discussion paper released at the time, that it places “strong value in accelerating tokenisation exploration to ensure Malaysia’s financial sector remains competitive and efficient.”
It added that “moreover, tokenisation presents an opportunity to advance national priorities by enabling innovative new solutions in support of sustainability, Islamic finance and digital economy objectives.”
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Source: https://coingeek.com/malaysia-to-launch-tests-for-stablecoins-tokenized-deposits/
