Malaysia central Bank To Test Stablecoin And Tokenized Deposit Plans

TLDR

• Bank Negara Malaysia to test three digital payment initiatives in 2026.
• Projects include stablecoins and tokenized deposits from top Malaysian banks.
• Maybank and CIMB lead tokenized deposit trials for domestic payments.
• Standard Chartered Malaysia and Capital A to pilot ringgit stablecoin use.

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Malaysia’s central bank is set to advance its digital finance agenda by launching three new initiatives in 2026 focused on stablecoins and tokenized deposits. These projects, operating under the Digital Asset Innovation Hub, aim to explore the future of wholesale payments within and beyond Malaysia. With leading banks like Maybank, CIMB, and Standard Chartered involved, the trials mark a key step in modernizing the country’s financial infrastructure.

Overview of the New Digital Payment Projects

Bank Negara Malaysia (BNM) announced on Wednesday that it will launch three digital payment initiatives in 2026. The projects will involve the use of ringgit-backed stablecoins and tokenized bank deposits.

These trials are part of the Digital Asset Innovation Hub (DAIH), a regulatory testing platform designed to explore the use of digital assets in Malaysia. The initiatives will support wholesale payments and may include both domestic and cross-border uses.

Participants and Project Focus

The three projects involve major Malaysian financial institutions. One project is a ringgit-denominated stablecoin pilot, led by Standard Chartered Bank Malaysia and Capital A. The other two are tokenized deposit trials led by Maybank and CIMB.

These financial institutions will use the DAIH framework to test digital payment technologies under regulatory oversight. The purpose is to evaluate how these tools can operate in real-world banking environments.

BNM stated, “The testing will allow BNM to assess the potential effects on monetary and financial systems and guide policy development.”

Connection to Central Bank Digital Currency Work

BNM mentioned that these stablecoin and deposit projects may link to the central bank’s work on wholesale central bank digital currencies (CBDCs). Malaysia has been exploring wholesale CBDCs as a way to modernize and improve cross-border settlements.

The new initiatives will run alongside this research, and findings from both areas will be used to shape Malaysia’s approach to digital money systems. By the end of 2026, BNM aims to release updated guidance on how ringgit stablecoins and tokenized deposits can be used in regulated settings.

Regional Trends in Stablecoin Adoption

Malaysia’s move is part of a growing trend in Asia where central banks are exploring stablecoins and tokenized deposits. Hong Kong and Singapore have both launched stablecoin frameworks and tokenized deposit trials.

Hong Kong is advancing Project Ensemble and has started granting licenses for stablecoin providers. Singapore is running Project Guardian, which includes live trials with financial institutions to test tokenized deposits.

In Japan, the JPYC yen-pegged stablecoin launched in late 2025, and the country’s major banks—MUFG, SMBC, and Mizuho—have started joint pilots to explore the use of stablecoins in business transactions.

These developments reflect growing interest in blockchain-based finance across Asia, especially in improving payment speed, cost, and transparency.

Next Steps for Malaysia

BNM plans to monitor the three initiatives throughout 2026. The outcomes will be used to shape national policy on digital assets, especially regarding stablecoin and tokenized deposit usage in banking systems.

Malaysia’s efforts are also expected to support regional collaboration, especially in cross-border settlements involving central banks and private financial institutions.

The country’s central bank remains focused on using these tests to build a clear framework for integrating new digital financial tools within existing systems.

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