TLDR
- Bank Negara Malaysia is testing ringgit stablecoins and tokenized deposits in 2026.
- Standard Chartered and Capital A lead the ringgit stablecoin project.
- The projects focus on improving wholesale payment systems.
- Maybank and CIMB are developing tokenized deposits for payments.
- BNM aims to assess financial stability and set policy by end of 2026
Bank Negara Malaysia (BNM) has revealed three new initiatives for 2026, focusing on digital assets such as ringgit stablecoins and tokenized deposits. The central bank’s Digital Asset Innovation Hub (DAIH) will evaluate these projects, focusing on their use in wholesale payment systems. BNM intends to assess the impact of these innovations on financial stability and will provide clarity by the end of 2026.
Malaysia Ringgit Stablecoin Settlement Project
One of the initiatives involves a ringgit stablecoin settlement system, developed by Standard Chartered Bank Malaysia in collaboration with Capital A. The project aims to streamline business-to-business transactions within Malaysia using a digital currency backed by the local currency.
The stablecoin system will be tested in a controlled environment, with both local and international corporate clients involved. The project will enable BNM to assess the effects of stablecoin use on monetary policy and financial stability.
It will also explore the potential for cross-border payments and integrate with the central bank’s other digital asset-related work. The project could pave the way for the adoption of stablecoins in Malaysia’s financial sector.
Tokenized Deposits for Payments
Another initiative focuses on tokenized deposits for payment systems, driven by two major banks: Maybank and CIMB. Both institutions will work on creating tokenized digital representations of deposits that can be used for payments.
These projects aim to modernize payment systems and provide efficient alternatives to traditional bank deposits. Testing will be conducted in partnership with financial institutions and other regulators to ensure that the systems meet regulatory standards.
BNM will evaluate how tokenized deposits impact payment flows and their integration with the broader financial ecosystem. The central bank expects the findings from these projects to inform future policy decisions by the end of 2026.
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Source: https://blockonomi.com/bank-negara-malaysia-plans-to-launch-stablecoin-and-tokenized-deposit-initiatives/
