Bank Negara Malaysia (BNM) has confirmed that several ringgit-based stablecoin initiatives are currently undergoing testing phases under a special regulatory framework known as a regulatory sandbox.
BNM Governor Datuk Seri Abdul Rasheed Ghaffour said that so far, the central bank has received around 30 to 35 applications involving stablecoins and digital asset innovations, indicating the industry's growing interest in new financial technologies.
According to him, the testing was conducted through the BNM Digital Asset Innovation Hub, a platform that allows industry players to test digital financial solutions in a controlled, yet more flexible regulatory environment.
Datuk Seri Abdul Rasheed stressed that stablecoins and digital assets are expected to remain part of the global financial ecosystem, hence a balanced approach needs to be taken by the authorities.
During the Fiscal and Monetary Policies panel session for the Malaysia Economic Forum 2026, he stated that the movement towards the use of stablecoins is something that we see will continue to happen and needs to be embraced.
However, he stressed that support for innovation must be accompanied by clear controls and safeguards to ensure the stability of the country's financial system and the safety of consumers.
BNM, he said, wants to ensure that stablecoins are used for real economic activities and legitimate business uses, not merely as a speculative tool.
If a project successfully passes the testing phase and meets the set requirements, it has the potential to be commercialized and officially launched after exiting the sandbox.
The sandbox is a controlled testing environment where projects are tested flexibly.
If it fails, it is not allowed to exit and if it passes, it can be commercialized.
This move shows BNM's increasingly open stance towards digital financial innovation, while maintaining its important role as a guardian of economic stability and protector of consumer interests.
