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- BNM begins controlled tests for Ringgit stablecoin and tokenized deposits in 2026.
- Sandbox pilots include B2B settlement trials with major banks and corporate partners.
- Malaysia expands digital asset roadmap with regulated experiments through DAIH program.
Bank Negara Malaysia (BNM) has announced a new round of digital asset testing for 2026. The central bank will examine real-world applications for a Ringgit stablecoin and tokenized deposits. The work will take place under a controlled structure to measure practical use cases and potential risks.
The testing will be conducted through the Digital Asset Innovation Hub, a sandbox introduced to support regulated experiments. The program will focus on wholesale payment scenarios that use a digitized version of the Malaysian ringgit.
It will also explore settlement options supported by tokenized assets. These pilots will involve both domestic and cross-border transactions.
BNM’s Controlled Pilot Setup and Major Bank Involvement
BNM said the environment will include invited participants. These will consist of corporate clients, financial institutions, and relevant regulators. The bank added that it will also study Shariah-compliant approaches as part of the assessment. Each participant will operate under strict conditions set by the regulator.
Three projects form the core of this testing cycle. One pilot will examine the ringgit stablecoin for B2B settlement. It will be led by Standard Chartered Bank Malaysia Berhad and Capital A Berhad.
Source: Bank Negara Malaysia
Two additional pilots will assess tokenized deposit payments. One will be managed by Malayan Banking Berhad (Maybank), and the other by CIMB Group Holdings Berhad.
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BNM stated that the controlled tests will help the bank evaluate any implications for financial stability. The findings will support future policy decisions. The regulator emphasized that the pilots are not public launches but structured trials meant to observe system behavior.
Ringgit Stablecoin Aligned With BNM’s Digital Plan
Malaysia’s interest in a ringgit stablecoin follows broader efforts to enhance payment efficiency. The move is separate from the RMJDT stablecoin introduced in December 2025.
The focus here remains on wholesale and corporate use rather than retail activity. The applications are meant to study settlement performance in complex financial environments.
The Digital Asset Innovation Hub was launched in June 2025 to provide a platform for supervised trials of digital assets. It has already attracted over 30 participants since its inception in the banking and non-banking sectors.
The Digital Asset Innovation Hub aligns with Bank Negara Malaysia’s roadmap to develop a framework on digital assets over the next three years.
The roadmap spans from 2025 to 2027. It begins with conceptual studies and then moves on to live trials with the support of industry groups.
The central bank continues to explore the concept of digital assets through these measures. The findings will be instrumental in defining the future regulatory direction in Malaysia. As the nation’s digital payment systems advance, they will play a crucial role.
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