1 MYR = 1 MYRT · ON LAUNCH 100% RINGGIT CASH · 1:1 BACKED BUILT FOR PAYROLL · COMMERCE ↗ COMPLIANT BY DESIGN NETWORK · ETHEREUM SEGREGATED RESERVES COMPLIANCE-FIRST INFRASTRUCTURE RINGGIT-BACKED 1:1 SINCE DAY ONE 1 MYR = 1 MYRT · ON LAUNCH 100% RINGGIT CASH · 1:1 BACKED BUILT FOR PAYROLL · COMMERCE ↗ COMPLIANT BY DESIGN NETWORK · ETHEREUM SEGREGATED RESERVES COMPLIANCE-FIRST INFRASTRUCTURE RINGGIT-BACKED 1:1 SINCE DAY ONE
Malaysia's stablecoin movement · Infrastructure-first · Bank-led

A regulated path
to ringgit onchain.

Malaysia's stablecoin story is not hype-driven - it's infrastructure-first, bank-led, and policy-controlled. From BNM's Discussion Paper in October 2025 to live pilots with Standard Chartered, Capital A, Maybank and CIMB in February 2026, the institutional ringgit-onchain landscape is being built deliberately. The retail layer remains open - and that's where MYRT fits.

See the 12-month timeline → Where MYRT fits
01 - The 12-month story

From discussion paper
to live pilots.

In just over a year, Malaysia moved from initial policy exploration to onboarding three live ringgit stablecoin and tokenised deposit pilots - with regulatory clarity expected by end-2026. Here's the full trajectory.

Jun 2025 Sandbox launch

BNM launches the Digital Asset Innovation Hub (DAIH).

Bank Negara Malaysia stands up DAIH as a regulatory testbed for stablecoins, tokenised deposits, and tokenised assets. From the start, designed for industry co-creation rather than top-down rule-making.

Source · Bank Negara Malaysia · DAIH
Oct 2025 RENTAS+ live

Domestic interbank settlement goes 24/7.

Malaysia's Real-time Electronic Transfer of Funds and Securities (RENTAS) system upgrades to RENTAS+, enabling continuous settlement. Foundational rail for the digital-asset experiments to follow.

RENTAS+ · 24/7 wholesale settlement
30 Oct 2025 Policy moment

BNM publishes Discussion Paper on Asset Tokenisation.

Sets a three-year co-creation roadmap (2025–2027) covering tokenised deposits, programmable money, and stablecoin-like instruments. Industry feedback invited until 1 March 2026.

Key signal: Malaysia chose the controlled-innovation path - the Singapore/Hong Kong route - not prohibition. Co-create with industry; pilot; then formulate regulation.

Bank Negara Malaysia · Discussion Paper · 30 October 2025
9 Dec 2025 First retail-facing

Bullish Aim launches RMJDT - a ringgit-pegged stablecoin.

The Johor-based telecoms infrastructure group, chaired by Tunku Ismail Ibni Sultan Ibrahim (Crown Prince of Johor), launches RMJDT, a ringgit-pegged stablecoin operating within BNM's sandbox framework.

Bullish Aim Sdn Bhd · RMJDT · Johor
12 Dec 2025 Banking + corporate

Capital A & Standard Chartered Malaysia sign LOI.

Letter of Intent to jointly explore an MYR-denominated stablecoin through DAIH. Standard Chartered would issue; Capital A's ecosystem (BigPay, AirAsia, Teleport) would deliver wholesale use cases - real-time settlements, treasury management, programmable B2B flows.

AirAsia Newsroom · Tony Fernandes · Mak Joon Nien
11 Feb 2026 Pilots go live

BNM onboards three DAIH initiatives.

BNM officially confirms three live pilot initiatives:

1 × ringgit stablecoin (Standard Chartered + Capital A · B2B)
2 × tokenised deposit systems (Maybank · CIMB)

Use cases: domestic and cross-border wholesale payments, settlement of tokenised assets. Controlled sandbox; Shariah considerations included.

BNM · 30+ players engaged since DAIH launch
Mar 2026 SC opens parallel

Securities Commission launches FIKRALab.

A parallel testing platform for tokenised Islamic capital-markets products - alongside the SC's Bond Tokenisation Pilot with Khazanah Nasional, which uses distributed ledger technology to modernise market infrastructure.

Securities Commission Malaysia · FIKRALab
End 2026 Policy clarity

BNM expects to provide regulatory clarity.

Pilot results will inform policy direction. Regulatory clarity on ringgit stablecoins and tokenised deposits expected by end-2026 - potentially a precursor to integration with wholesale CBDC work.

Forward · BNM stated guidance
02 - Recent landmark

Capital A × Standard Chartered
in their own words.

The 12 December LOI was the first major moment that combined a listed Malaysian conglomerate, a global bank, and BNM's regulatory sandbox in a single ringgit stablecoin initiative. Both leaders framed it as foundational, not experimental.

12 December 2025 · Kuala Lumpur

"Standard Chartered would serve as the issuer of the MYR stablecoin... Capital A and its ecosystem will jointly develop, test and potentially pilot real-world wholesale use cases."

Tony Fernandes (CEO, Capital A) framed the LOI as part of Capital A's transformation from an aviation-centric group into a technology-led ecosystem - covering real-time settlements, treasury management, and programmable flows across BigPay, AirAsia, Teleport.

Mak Joon Nien (CEO, Standard Chartered Malaysia) - the oldest operating bank in Malaysia (since 1875) - described digital assets as a core, permanent part of the bank's strategy, framing the partnership as part of building "the architecture of tomorrow's financial economy."

Issuer · Standard Chartered Malaysia Use cases · Capital A ecosystem Sandbox · BNM DAIH Focus · Wholesale, B2B
03 - The DAIH framework

A live regulatory sandbox.

The Digital Asset Innovation Hub is BNM's testbed for ringgit stablecoins, tokenised deposits, and digital-asset innovations. Designed not as a permission-granting authority but as a co-creation platform between regulators, banks, and corporates.

06.2025

Launched June 2025

Established as a controlled testbed, designed to inform future regulation and assess implications for monetary and financial stability.

30+

Players engaged

International and domestic players from both bank and non-bank sectors - identifying high-impact use cases supporting Malaysia's economic digitalisation.

3

Initiatives onboarded

Standard Chartered + Capital A on ringgit stablecoin for B2B; Maybank and CIMB on tokenised deposits for payments.

2026

Clarity expected

Regulatory clarity on ringgit stablecoins and tokenised deposits expected end-2026 - potentially a precursor to wholesale CBDC integration.

04 - The players

Banks, conglomerates,
and infrastructure builders.

Malaysia's web3 ecosystem is being shaped by a mix of established banks, listed conglomerates, telecoms infrastructure operators, and government services platforms - many already onchain or actively building toward it under DAIH.

Global web3 brands operating from Malaysia
Etherscan

Etherscan

Onchain Explorer · Ethereum's standard data layer

The standard for transparent Ethereum onchain data - used worldwide by traders, builders, and regulators. Operates from Malaysia with significant local engineering presence.

Global infrastructure
CoinGecko

CoinGecko

Crypto Data Platform · KL-founded since 2014

The world's most widely used crypto data platform. Founded in Kuala Lumpur in 2014 - now serving millions of users globally while maintaining its Malaysian engineering base.

KL-founded · global reach
Jupiter

Jupiter

Solana DEX Aggregator · Ecosystem leader

Solana's leading liquidity aggregator and swap infrastructure. Significant Malaysian engineering presence within the core team.

Solana · live
Virtuals

Virtuals

Onchain AI Agents · Tokenised digital economies

Onchain AI agent protocol pioneering tokenised, autonomous digital economies. Active Malaysian developer community.

AI agents · live
Pendle

Pendle

DeFi Yield Tokenisation · Malaysian-founded

Yield-tokenisation DeFi protocol enabling fixed-rate, tradeable yield markets across major chains. Founded by a Malaysia-based core team.

Multi-chain · live
Aevo

Aevo

Onchain Options DEX · Derivatives venue

Onchain options exchange platform - one of the most active derivatives venues in DeFi, with Southeast Asian engineering roots.

Options · perpetuals
Network School

Network School

Residential Community · Forest City, Johor

Residential learning community in Forest City, Johor - building a Malaysian digital-nomad cluster around education, networks, and capital. Concentrating web3-native talent in-country.

Forest City · live
Zetrix

Zetrix

Public Blockchain · MyEG-aligned

Malaysia's enterprise public blockchain. Designed to support cross-border digital trade documents, government applications, and tokenised institutional use cases.

Live · Mainnet
Sera.cx

Sera.cx

FX Onchain · Ethereum

Onchain foreign exchange built for stablecoin routing across multiple currencies. MYRT is being designed to work naturally within Sera.cx's network for merchant settlement and cross-border conversion.

FX Onchain · Ethereum
Ringgit stablecoin issuers (DAIH-aligned)
Standard Chartered Malaysia

Standard Chartered Malaysia

DAIH · Stablecoin Issuer · 150+ Years in Malaysia

The oldest operating bank in Malaysia (since 1875), partnering with Capital A under BNM's DAIH to develop and issue a ringgit-denominated stablecoin for wholesale B2B settlement.

DAIH onboarded
Capital A Berhad

Capital A Berhad

DAIH · Wholesale Use Cases · Bursa CAPITALA

Listed parent of AirAsia, BigPay, Teleport, and digital ventures. Providing wholesale use cases - real-time settlements, treasury management, programmable flows - for the StanChart-issued stablecoin.

DAIH onboarded
Bullish Aim

Bullish Aim

RMJDT · Stablecoin Issuer · Johor Telecom

Johor-based telecoms infrastructure operator, chaired by Tunku Ismail Ibni Sultan Ibrahim. Launched RMJDT, a ringgit-pegged stablecoin, in December 2025.

Royal-backed
Tokenised deposits (DAIH onboarded)
Maybank

Maybank

DAIH · Tokenised Deposits · Bursa MAYBANK

Malaysia's largest bank, onboarded to DAIH for tokenised-deposit-based payments. A complementary digital-money model anchored to existing commercial bank deposits - an alternative to stablecoin issuance.

DAIH onboarded
CIMB Group

CIMB Group

DAIH · Tokenised Deposits · Bursa CIMB

Major regional banking group, onboarded for tokenised deposit payments. Framed as a foundational step toward digital capital markets and settlement networks.

DAIH onboarded
Adjacent web3 infrastructure
AirAsia

AirAsia

Travel · Loyalty · Capital A subsidiary

One of Asia's most recognisable airline brands. Sits inside Capital A's stablecoin work alongside BigPay (digital wallet), Teleport (logistics), and other group ventures.

Group-aligned
MyEG

MyEG

Government Services · Bursa MYEG

Malaysia's electronic government services backbone, integrating blockchain across regulatory, identity, and public service infrastructure. Operates alongside Zetrix.

Live · National scale
Securities Commission

Securities Commission · FIKRALab

SC Sandbox · Tokenised Capital Markets

Launched March 2026 as a parallel testing platform for tokenised Islamic capital-markets products. Operates alongside the SC's Bond Tokenisation Pilot with Khazanah Nasional.

SC sandbox
05 - What's actually happening

Four non-obvious
things to understand.

The headline says "ringgit stablecoin pilots." The substance is more interesting - and explains why MYRT's positioning sits where it does.

Insight 01 · Bank-led, not crypto-led

Malaysia is building bank-native stablecoins, not crypto-native ones.

The DAIH initiatives are led by banks (Maybank, CIMB, Standard Chartered) and listed conglomerates. The focus is settlement rails, not speculation.

This looks more like JPM Coin or Project Guardian than USDT or DeFi stablecoins.
Insight 02 · The deeper bet

The real product may be tokenised deposits, not stablecoins.

Tokenised deposits fit existing regulation and preserve bank balance sheets. Stablecoins risk disintermediation. Two of three DAIH pilots are tokenised deposits, not stablecoins.

Expect Malaysia to lean deposit-token model first, stablecoins later.
Insight 03 · ASEAN convergence

Malaysia is aligning with the regional trend.

Singapore has a stablecoin framework and Project Guardian for tokenised assets. Hong Kong has a stablecoin licensing regime and Project Ensemble. Malaysia is on the same path - slightly slower, more cautious, more Shariah-aware.

This is ASEAN financial-stack convergence in motion.
Insight 04 · The retail gap

No retail MYR stablecoin is live yet.

Everything onboarded under DAIH is wholesale, institutional, sandbox-bounded. The bank initiatives don't address retail flows: workers, merchants, daily payments, cross-border SEZ commerce.

That's the gap MYRT is being designed to fill - at the retail layer the institutional movement won't reach.
06 - Where MYRT fits

Wholesale and retail
are different problems.

The DAIH initiatives are deliberately wholesale - bank-to-bank, institution-to-institution, B2B settlement. MYRT addresses the retail layer that institutional ringgit-onchain work isn't designed to reach: a worker getting paid, a merchant accepting a payment, a Singaporean spending in JB.

DAIH initiatives · Wholesale

Institutions, settlement, B2B.

  • Bank-to-bank ringgit settlement for cross-border and domestic transactions.
  • Tokenised deposit issuance for corporate-grade payment use cases.
  • Treasury management, programmable B2B flows, asset settlement.
  • Issuers are licensed banks; users are institutional clients.
  • Regulatory clarity expected end-2026.
  • Designed to inform Malaysia's wholesale CBDC trajectory.
MYRT · Retail

Workers, merchants, daily life.

  • Web3 worker payroll converted at the BNM reference rate, settled via DuitNow.
  • Merchant acceptance - customer pays MYRT, merchant receives Ringgit, books stay clean.
  • Singaporean residents and visitors spending in Malaysia compliantly.
  • De Rantau pass holders accessing local Ringgit without informal channels.
  • Cross-border retail commerce across the Johor-Singapore SEZ.
  • Compliance-first by design, with off-ramps to Malaysian bank accounts.
Same direction. Different layer. Banks are tackling wholesale. Capital A and Standard Chartered are tackling B2B. Bullish Aim is exploring royal-backed innovation. MYRT is the retail layer that complements all of them.
07 - Next 6-12 months

What to watch.

The trajectory is clear. The specifics over the next year will determine how the Malaysian ringgit-onchain market matures - and where retail demand finds its home.

01 · END-2026 TARGET

Regulatory framework

BNM's stated end-2026 target for clarity on ringgit stablecoins and tokenised deposits - likely a licensing model, reserve requirements, and definition of who can issue.

02 · CROSS-BORDER

ASEAN corridors

Pilots are likely to expand into ASEAN cross-border corridors - Singapore, Thailand, Indonesia. Malaysia already has six bilateral payment linkages within ASEAN.

03 · ISLAMIC FINANCE

Shariah-compliant unlock

Shariah-compliant tokenised instruments could be a structural advantage given Malaysia's sukuk market depth. The SC's FIKRALab is already exploring this; expect institutional momentum to follow.

04 · CBDC POSITIONING

CBDC vs stablecoin

Malaysia may skip retail CBDC entirely - going wholesale CBDC + bank-issued stablecoins instead. The DAIH pilots are explicitly framed as a possible precursor to that.

The ringgit is going
onchain - at every layer.

Banks are tackling wholesale. Capital A and Standard Chartered are tackling B2B. Bullish Aim is exploring royal-backed innovation. MYRT is being built for the retail flows the institutional ecosystem won't reach.

For payroll → For merchants For Singaporeans