Malaysian central bank announced Wednesday that the Digital Asset Innovation Hub (DAIH) has onboarded three initiatives to test real-world applications involving ringgit stable coins and tokenized deposits in 2026.

Bank Negara Malaysia (BNM) said in a statement that the three initiatives will focus on wholesale payment use cases across both domestic and cross-border transactions, including to enable the settlement of tokenized assets.

These initiatives will be conducted in a controlled environment and involve collaboration with ecosystem partners, including corporate clients of financial institutions and other regulators.

Certain use cases will also explore Shariah-related considerations.

The testing will allow BNM to assess the implications to monetary and financial stability and inform our policy direction in these specified areas.

Notably, BNM intends to provide greater clarity on the use of ringgit stable coins and tokenized deposits by end-2026.

These efforts could also be a precursor to future integration with existing work by BNM such as on wholesale central bank digital currency (wCBDC).

Since the launch of the DAIH in June 2025, BNM has engaged over 30 international and domestic players from both bank and non-bank sectors.

These engagements have enabled BNM to identify and prioritize high-impact use cases with clear value propositions that support the digitalization of Malaysia’s economy and financial sector.

BNM said the bank is committed to continue advancing responsible innovation in digital assets through the DAIH.

The DAIH will continue to engage with prospective applicants while placing immediate focus on supporting initiatives already onboarded.

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