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BNM governor says ringgit-based stablecoin initiatives undergoing testing
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KUALA LUMPUR (Feb 5): Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour said the central bank has received approximately 30 to 35 applications related to stablecoin and digital asset innovations.
Several projects, including ringgit-based stablecoin initiatives, are currently undergoing testing under regulatory sandbox arrangements, he said.
Abdul Rasheed said the sandbox testing is conducted under BNM’s Digital Asset Innovation Hub, which allows industry players to test financial solutions with regulatory flexibility.
He said stablecoins and digital assets are expected to remain part of the financial ecosystem, requiring regulators to adopt a balanced approach.
“In terms of stablecoins, of course, this is something that we see movements towards utilisation, movement towards asset is something that will be there to stay, that we need to embrace,” said Abdul Rasheed.
He said this at a panel session titled “Fiscal and Monetary Policies”, held alongside Finance Minister II Datuk Seri Amir Hamzah Azizan at the Malaysia Economic Forum 2026 here on Thursday.
Abdul Rasheed said BNM aims to support innovation while safeguarding financial stability and protecting consumers.
“That is why we are trying to create an environment where this can thrive, innovation can happen, stablecoins can come in, but with guardrails that will ensure stability is not affected. Guardrails to ensure that the consumer remains protected.
“We aim to ensure that assets such as stablecoins are utilised to support legitimate business use cases and genuine economic activities, rather than speculative purposes,” he said.
Abdul Rasheed said solutions that complete sandbox testing could eventually be commercialised.
“Once tested and deemed workable, they will exit the sandbox and be launched,” he said.
Uploaded by Magessan Varatharaja
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