According to an official statement, Bank Negara Malaysia (BNM) and its Digital Asset Innovation Hub (DAIH) launched three major projects this year, focusing on testing practical applications of the Ringgit stablecoin and tokenized deposits. These include domestic and cross-border wholesale payments, as well as settlement of tokenized assets. The selected test plans include:
- Standard Chartered Bank Malaysia and Capital A Bhd: collaborating to launch a Ringgit stablecoin for business-to-business (B2B) settlements;
- Maybank: launching tokenized deposits for payment scenarios;
- CIMB Group: launching tokenized deposits for payment scenarios.
These testing plans will be conducted in a controlled environment and will involve collaboration with corporate clients of financial institutions and other regulatory agencies.
Bank Negara Malaysia stated in the announcement that these tests aim to assess the impact of stablecoins and tokenized deposits on monetary and financial stability, serving as an important basis for future policy development. The central bank plans to provide clear guidelines on the scope of use for the Ringgit stablecoin and tokenized deposits by the end of 2026. Additionally, the results of these tests may be integrated with the central bank’s ongoing exploration of wholesale central bank digital currency (wCBDC).
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