Malaysia’s Central Bank Rolls Out Three Ringgit Stablecoin and Tokenized Deposit Trials

Highlights:

• BNM will test wholesale payments using Ringgit Stablecoin and tokenized deposits in 2026.
• Standard Chartered, Maybank, and CIMB will run controlled pilots under the Digital Asset Innovation Hub.
• The central bank will use trial data to shape policy and protect monetary stability.

Bank Negara Malaysia has admitted three initiatives into its Digital Asset Innovation Hub for 2026 testing. The projects will examine ringgit stablecoins and tokenized deposits in wholesale payment settings. The central bank will test domestic and cross-border transaction flows. It will also study the settlement of tokenized assets within regulated structures.

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#VrtrEX💹According to ChainCatcher, the Central Bank of Malaysia has announced a plan to test the practical application of ringgit stablecoins and tokenized deposits in 2026. The central bank stated that the test will allow it to assess the impact of stablecoins and tokenized… pic.twitter.com/obeEL50l3Q

— VrtrEX_Com (@VrtrexCom) February 11, 2026

BNM will conduct the trials inside a controlled environment. Corporate clients of participating banks will execute real transactions under supervision. The Securities Commission Malaysia and Khazanah Nasional will support selected use cases. Some scenarios will also assess Shariah compliance requirements.

BNM wrote:

“The testing will allow BNM to assess the implications for monetary and financial stability and inform our policy direction in these specified areas. Notably, BNM intends to provide greater clarity on the use of ringgit stablecoins and tokenized deposits by the end of 2026.” 

Entry into the hub requires governance standards, operational readiness, and AML compliance. BNM launched the Digital Asset Innovation Hub in June 2025. Since then, it has engaged more than 30 domestic and international banking and non-bank players. These engagements help regulators identify payment use cases with a clear commercial purpose.

Ringgit Stablecoin Moves Into Structured Wholesale Payment Testing

Standard Chartered Bank Malaysia and Capital A will lead the ringgit stablecoin initiative. The pilot will focus on business-to-business settlement. Participants will test wholesale transfers within Malaysia and across borders. Retail consumer use will not form part of the trial.

The project will track transaction speed and settlement reliability. It will also measure cost efficiency in live payment scenarios. Corporate participants will conduct transactions under regulatory observation. BNM will collect operational data throughout the testing period.

The stablecoin pilot will run within existing compliance structures. Banks will apply internal risk controls during execution. Regulators will review transaction records and reporting standards. Officials will use those findings to inform supervisory decisions.

Major Banks Deepen Tokenized Deposit Trials as Policy Direction Takes Shape

Maybank and CIMB will undertake independent tokenized deposit pilot programs. The banks will each validate payment flows with tokenized representations of commercial bank liabilities. These deposits are distinctly different from stablecoins, as they are directly supported by banks. The pilots will concentrate on wholesale deals.

Users will be testing cross-border and domestic payment situations. They will also look at tokenized asset settlement processes. BNM recently published a discussion paper on asset tokenization to inform such efforts. The paper provides operational and compliance expectations.

BNM is conducting its studies on wholesale central bank digital currency. According to the officials, the pilots will influence future integration in the country. In recent years, regulators in Asia have initiated similar efforts. Hong Kong launched a stablecoin regulation system and Project Ensemble. Singapore supported tokenized deposit experiments with Project Guardian. MUFG, SMBC, and Mizuho in Japan launched stablecoin pilots tied to corporate payments.

Big News from Hong Kong! 🇭🇰✨

The HKMA expects to issue the first batch of stablecoin licenses in March. As the review process nears completion, Hong Kong is setting a global benchmark for compliant digital payments.

For StayLP, this is a game-changer. A regulated stablecoin…

— StayLP (@StayLP_World) February 2, 2026

BNM will support the admitted initiatives throughout the testing phase. It will also continue engaging prospective applicants under the hub’s admission standards.

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