Malaysia Central Bank Tests Ringgit Stablecoin and Tokenized Deposits

Bank Negara Malaysia launches pilots exploring Ringgit stablecoins and tokenized deposits, aiming to improve wholesale payments.

Malaysia’s central bank has unveiled new digital asset experiments planned for 2026. The announcement is highlighting Ringgit stablecoins and tokenized deposits. The decision has been driven by mounting institutional momentum for blockchain-based wholesale payment systems.

Bank Negara Malaysia Expands Digital Asset Innovation Hub Testing

Bank Negara Malaysia, widely known as BNM, confirmed onboarding 3 initiatives for upcoming trials. These projects will be run under the Digital Asset Innovation Hub. The hub serves as Malaysia’s controlled crypto-related financial innovation regulatory sandbox.

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According to BNM official statement, the pilots will target payment applications with the wholesale. They will be domestic and cross-border transactions. In addition, selected scenarios will allow settlement of tokenized assets under carefully supervised conditions.

Standard Chartered Bank Malaysia and Capital A are spearheading the initiative for stablecoin settlement. The collaboration looks into enterprise-to-enterprise Ringgit-denominated stablecoin payments. The objective focuses on better treasury processes and efficiency of cross-border transactions.

BNM stressed that all experiments will be conducted in a highly controlled environment. Ecosystem participants comprise corporate clients, financial institutions and regulatory partners. Furthermore, specific tests will be conducted which will test the consideration of Shariah related compliance.

Banks Maybank and CIMB Pilot Tokenized Deposit Payment Trials

Maybank and CIMB are running separate tokenized deposit payment experiments. These trials assess the transfer of funds from domestic and international wholesale funds. Both banks plan to measure speed, liquidity implications, and reliability of settlement.

BNM said the testing phase would help inform future regulatory direction. Authorities will consider implications for monetary policy and financial stability. To this end, it is notable that clearer guidelines for Ringgit stablecoins should be available by end-2026.

Officials associated these initiatives with larger research on wholesale central bank digital currency. The pilots are possible forerunners of wCBDC integration. The roadmap is divided into three phases across 2026 and 2027. Phase 1 in 2026 focuses on proofs-of-concept and pilot programs.

Phase 2 starts in 2027 and focuses on expanded field trials. Later steps may include limited commercial scale-up depending on results. Therefore, the roadmap allows careful testing before wider implementation. This ensures safe and effective adoption of new digital finance solutions.

BNM said that these efforts focus on real-world tokenization of assets and institutional payments. The regulator emphasized that trials are not out to encourage speculative retail trading for cryptocurrencies. Instead, the focus is still on efficiency, transparency, and systemic risk monitoring.

Since launching the Digital Asset Innovation Hub in June 2025, BNM has had more than 30 participants. These include the domestic banks and international financial players. The engagements helped identify high-impact use cases with economic value.

Central Bank of Malaysia Focuses on Safe Digital Finance

BNM reiterated its commitment to the promotion of responsible innovation in digital finance. The hub will continue its engagement with prospective applicants as well as supporting the onboarding initiatives. Authorities believe controlled experimentation helps strengthen Malaysia’s financial resilience in the long term.

Industry stakeholders are currently invited to provide feedback to proposed applications. The consultation window is still open until March 1, 2026. Full details can be found on the official DAIH portal of BNM and the policy updates page.

Moreover, Malaysia joins a growing list of central banks exploring tokenization frameworks. Global regulators pay closer attention to stablecoins and tokenized deposits for wholesale markets. These developments may affect regional payment modernization strategies.

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