Malaysia Advances Stablecoin and Tokenized Deposit Pilots

Bank Negara Malaysia (BNM) has onboarded three pilot initiatives centered on a ringgit-backed stablecoin and tokenized deposits, marking a structured step within its three-year Asset Tokenization Roadmap.

The projects aim to modernize national payment infrastructure while evaluating the monetary and financial stability implications of digital asset integration.

The pilots operate under the central bank’s Digital Asset Innovation Hub (DAIH), positioning Malaysia among jurisdictions actively testing wholesale blockchain-based settlement models.

Ringgit Stablecoin for Institutional B2B Settlement

One of the key initiatives involves a ringgit-backed stablecoin designed for business-to-business payments. The pilot is conducted jointly by Standard Chartered Malaysia and Capital A, formerly known as AirAsia.

The project focuses on improving settlement efficiency between corporate entities, exploring whether a regulated digital representation of the ringgit can streamline domestic and cross-border commercial flows. The scope remains wholesale-oriented rather than retail-facing.

Maybank and CIMB Test Tokenized Deposit Infrastructure

Malayan Banking Berhad (Maybank) has launched Malaysia’s first tokenized money pilot, testing on-chain cross-border payments with Yinson Holdings Berhad. The project utilizes Maybank’s permissioned blockchain to evaluate transaction efficiency and operational resilience.

Separately, CIMB Group is exploring tokenized deposit representations to enhance payment and settlement workflows. Its initiative also includes evaluating the potential tokenization of its own Sukuk issuance, extending the application to Islamic finance instruments.

Together, these pilots test whether tokenized bank liabilities can function as compliant digital settlement tools within Malaysia’s regulated financial system.

Stablecoin Liquidity Falls as Exchange Buying Power Contracts

Phased Roadmap Toward Policy Clarity

BNM’s Asset Tokenization Roadmap outlines a phased integration strategy extending through 2027. The central bank aims to deliver finalized usage standards and clearer policy guidance for ringgit stablecoins and tokenized deposits by the end of 2026.

The current pilots prioritize wholesale payment flows, cross-border transaction efficiency, and Islamic finance use cases, including Shariah-compliant automated financial processes. Industry feedback on proposed use cases remains open until March 1, 2026, with expanded trials anticipated in 2027.

Strategic Context and Long-Term Direction

The initiatives are widely viewed as foundational experiments for potential wholesale central bank digital currency (wCBDC) development. By first testing stablecoins and tokenized deposits within controlled environments, BNM is assessing how digital representations of money interact with liquidity management, regulatory oversight, and financial stability safeguards.

Rather than signaling immediate retail digitization of the ringgit, the roadmap reflects a measured evaluation of institutional-grade blockchain integration within Malaysia’s existing monetary framework.

The post Malaysia Advances Stablecoin and Tokenized Deposit Pilots appeared first on ETHNews.