Malaysia to pilot ringgit stablecoins and tokenized deposits

Malaysia will launch three pilots in 2026 to test ringgit stablecoins and tokenized deposits, aiming to modernize wholesale payments and set clear regulations by year-end.

Malaysia is accelerating its digital finance strategy with the rollout of three major pilot projects in 2026, focusing on ringgit-backed stablecoins and tokenized deposits. Spearheaded by Bank Negara Malaysia (BNM) via its Digital Asset Innovation Hub (DAIH), these pilots aim to assess the impact of digital assets on monetary and financial stability, especially within wholesale payment systems. The initiatives include a business-to-business ringgit stablecoin settlement project led by Standard Chartered Bank Malaysia and Capital A, alongside two tokenized deposit pilots by Maybank and CIMB. These projects will operate in a controlled environment, covering both domestic and cross-border transactions, and will involve corporate clients, financial institutions, and regulators. BNM intends to leverage the outcomes to shape policy and provide clearer regulatory guidelines for ringgit stablecoins and tokenized deposits by the end of 2026, aligning with similar developments in other leading Asian markets.