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Bank Negara Malaysia to Launch Ringgit Stablecoin and Tokenized Deposit Pilots in March 2025

Bank Negara Malaysia will launch three pilot projects for a ringgit-backed stablecoin and tokenized deposits in March 2025 through its Digital Asset Innovation Hub, The Edge Malaysia reports. Standard Chartered Malaysia and Capital A will test business-to-business payments using a ringgit stablecoin, while Maybank and CIMB will separately trial tokenized deposit payments for wholesale use cases and tokenized asset settlement on multiple blockchain platforms. The central bank plans to assess payment efficiency, financial stability impacts, cross-border wholesale settlement and monetary policy transmission during the pilots, aiming to finalize usage standards for both instruments by December 2025.
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