Bank Negara Malaysia Onboards Three Key Initiatives for Ringgit Stablecoins and Tokenized Deposits

Bank Negara Malaysia (BNM) has onboarded three innovative initiatives through its Digital Asset Innovation Hub (DAIH) to test real-world applications of ringgit stablecoins and tokenized deposits.

These initiatives target wholesale payment use cases for both domestic and cross-border transactions, enabling efficient settlement of tokenized assets.

Initiatives Drive Financial Innovation

The controlled testing environment will help BNM evaluate impacts on monetary and financial stability.

Launched in June 2025, the DAIH has already engaged over 30 international and domestic players from banking and non-banking sectors.

Historical Context and Growth

This expansion builds on BNM's efforts to prioritize high-impact use cases supporting Malaysia's economic digitalization.

Some initiatives incorporate Shariah-related considerations, aligning with Malaysia's Islamic finance leadership.

The onboarded projects mark a significant step toward integrating digital assets into mainstream finance.

Future Implications and Policy Clarity

BNM aims to provide regulatory clarity on ringgit stablecoins and tokenized deposits by the end of 2026.

These developments could serve as a precursor to BNM's ongoing work on wholesale central bank digital currency (wCBDC).

Collaboration with ecosystem partners, including financial institutions' corporate clients and regulators, underscores a holistic approach.

Ultimately, these initiatives position Malaysia as a regional leader in responsible digital asset innovation.