Malaysia's Bank Negara announced three pilot programs under its Digital Asset Innovation Hub for ringgit stablecoins and tokenized bank deposits.
These initiatives target wholesale payments, both domestic and cross-border. The central bank aims to evaluate effects on monetary and financial stability.
Partners include Standard Chartered, CIMB, Maybank, and Capital A. Tests will assess Shariah compliance in some cases.
The programs build on a November 2025 roadmap for asset tokenization. BNM published a discussion paper outlining use cases like supply chain and programmable finance.
What Happened
BNM received 30 to 35 applications for stablecoin innovations. It selected three for 2026 testing in a regulatory sandbox.
Standard Chartered and Capital A explore ringgit stablecoins for business settlements. Maybank and CIMB focus on tokenized deposits for payments.
A crown prince-linked firm launched RMJDT stablecoin in December 2025. It remains in sandbox testing, not public.
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Why It Matters
These pilots reflect caution in adopting tokenized assets. Data shows rising institutional interest, but risks to stability persist.
Wholesale stablecoins limit retail exposure. They differ from retail CBDCs, focusing on inter-bank efficiency.
Industry observers note potential for faster cross-border deals. Yet, opaque regulations could hinder adoption.
BNM's sandbox allows flexible testing since 2016. Over 30 entities participate in digital asset trials.
The approach contrasts with bans in places like China. Malaysia balances innovation with financial safeguards.
Global trends show central banks piloting similar tech. Outcomes may influence regional policies.
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