Bank Negara Malaysia (BNM) is piloting three regulatory sandbox programs to research and develop stablecoins and tokenized bank deposits. The initiatives focus on using ringgit stablecoins for cross-border settlement and tokenized real-world assets. Partners include Standard Chartered Bank, CIMB Group Holding, Maybank, and Capital A.

BNM will assess “Shariah-related considerations” in the pilot programs, referring to Islamic law governing social, financial, and political customs. The trials aim to inform policy direction in asset tokenization, highlighting the global trend of digitizing assets for the digital economy.

In November 2025, Kuala Lumpur officials published a three-year roadmap to test asset tokenization in various sectors like supply chain management and programmable finance. The roadmap includes real-world use cases such as Shariah-compliant financial products and 24/7 cross-border settlement.

Ismail Ibrahim, the crown prince of Malaysia, launched a ringgit-pegged stablecoin under the ticker symbol RMJDT in December. The stablecoin, issued by Bullish Aim, is in the regulatory sandbox testing phase and not open to public trading yet. Standard Chartered Bank and Capital A also announced plans for a wholesale ringgit-pegged stablecoin.

Wholesale stablecoins and central bank digital currencies (CBDCs) are designed for institutional settlement between authorized parties like central banks. The developments in Malaysia reflect the growing trend of asset tokenization and digital asset innovation in the global economy.

Read more at Cointelegraph: MNB Announces Stablecoin and Tokenization Pilot Programs