Malaysia’s central bank plans to launch three initiatives this year that involve local currency stablecoins and tokenized deposits.
In a Wednesday announcement, the Bank Negara Malaysia (BNM) said the Digital Asset Innovation Hub (DAIH) is onboarding three projects for 2026 that will focus on wholesale payment use cases across both domestic and cross-border transactions. DAIH is Malaysia’s regulatory testbed to promote crypto-related innovation.
The official DAIH website features a B2B Ringgit stablecoin settlement initiative led by Standard Chartered Bank Malaysia and Capital A. Two other projects focus on tokenized deposits for payments, spearheaded by Maybank and CIMB, respectively.
“The testing will allow BNM to assess the implications to monetary and financial stability and inform our policy direction in these specified areas,” BNM wrote in the announcement. “Notably, BNM intends to provide greater clarity on the use of ringgit stablecoins and tokenised deposits by end-2026.”
BNM noted that these initiatives could be integrated with the central bank’s existing work on wholesale CBDCs.
Stablecoin wave in Asia
These initiatives mirror a broader trend across Asia, where major economies have ramped up stablecoin and tokenized deposit efforts in recent years.
Hong Kong established its licensing regime on stablecoins last year, with an initial batch of stablecoins expected this year. It is also working on Project Ensemble, testing tokenized deposits with major banks and institutions. Singapore also established a stablecoin framework last year and is similarly promoting tokenized deposit trials under Project Guardian.
Japan also saw its first Japanese yen-pegged stablecoin, JPYC, launch in late 2025, while three Megabanks — MUFG, SMBC, and Mizuho — kicked off joint pilots in 2025 for stablecoins in corporate payments.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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