Malaysia’s central bank, Bank Negara Malaysia (BNM), has announced plans to launch three initiatives in 2026 focused on local currency stablecoins and tokenized deposits for wholesale payment use cases. The projects will be run under BNM’s Digital Asset Innovation Hub (DAIH), the country’s regulatory sandbox for crypto-related innovation.
One initiative is a B2B Ringgit stablecoin settlement program led by Standard Chartered Bank Malaysia and Capital A. The other two projects focus on tokenized deposits for payments, spearheaded by Maybank and CIMB. BNM stated that the trials will help assess potential impacts on monetary and financial stability and guide policy development, with clarity expected by the end of 2026. These projects may also complement Malaysia’s ongoing work on wholesale central bank digital currencies (CBDCs).
Asia’s Growing Stablecoin and Tokenized Deposit Landscape
Malaysia’s initiatives reflect a broader trend across Asia. Hong Kong is rolling out a stablecoin licensing regime and Project Ensemble, testing tokenized deposits with major banks. Singapore is promoting tokenized deposit trials under Project Guardian, while Japan introduced its first yen-pegged stablecoin, JPYC, in late 2025, alongside corporate payment pilots from major Megabanks MUFG, SMBC, and Mizuho.
These developments signal accelerating adoption of regulated stablecoins and tokenized deposits in Asia, aiming to improve payment efficiency while maintaining financial stability.
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