- Bank Negara Malaysia is piloting three regulatory Sandbox programs for stablecoins and tokenized bank deposits.
- The initiatives focus on ringgit stablecoins for cross-border settlement and tokenized real-world assets.
- Partners include Standard Chartered Bank, CIMB Group Holding, Maybank, and Capital A.
- The research could inform the development of a wholesale central bank digital currency and Malaysia’s digital asset policy.
On Wednesday, Bank Negara Malaysia announced its Digital Asset Innovation Hub is piloting three sandbox programs to research stablecoins and tokenized bank deposits. The initiatives center on using ringgit stablecoins for cross-border settlement and developing tokenized real-world assets, according to the announcement.
Consequently, this pilot could apply to a wholesale central bank digital currency. Partners for the trials include Standard Chartered Bank, CIMB Group Holding, Maybank, and Capital A.
Meanwhile, the central bank will assess Shariah-related considerations governing financial customs. The pilot programs will “inform our policy direction in these specified areas,” according to the BNM statement.
In November 2025, officials published a three-year roadmap to test asset tokenization, according to a BNM discussion paper. Ismail Ibrahim, the crown prince, launched a ringgit-pegged stablecoin in December under the ticker RMJDT.
However, this stablecoin issued by Bullish Aim remains in sandbox testing. That same month, Standard Chartered Bank and Capital A also announced plans to explore a ringgit-pegged stablecoin for wholesale settlement.
Wholesale stablecoins and CBDCs are meant for institutional settlement between authorized parties. They are not intended for retail use.
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