Bank Negara Malaysia has launched three pilot projects to test a ringgit-backed stablecoin and tokenized deposits. The initiatives are being conducted through its Digital Asset Innovation Hub with major banks, including Maybank, CIMB, and Standard Chartered Malaysia.
The pilots will explore domestic and cross-border wholesale payments, as well as tokenized asset settlements. By running parallel trials, the central bank aims to compare technological models and assess regulatory impacts.
Tokenized deposits represent direct claims on commercial bank liabilities, differing from traditional stablecoins. The pilots mark Malaysia’s most significant digital payment modernization effort in recent years and position the country at the forefront of Southeast Asia’s digital finance development.
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