Standard Chartered and Capital A Advance Ringgit-Pegged Stablecoin Pilot in Malaysia

Standard Chartered Bank Malaysia and Capital A, parent company of AirAsia, are moving forward with plans to issue a ringgit-pegged stablecoin under Malaysia's regulatory sandbox. The initiative signals growing institutional participation in the country's digital asset ecosystem, aligning with Bank Negara Malaysia's broader strategy to modernize financial infrastructure while maintaining regulatory oversight.

The collaboration falls under Malaysia's Digital Asset Innovation Hub, launched in June to facilitate controlled testing of blockchain-based financial solutions. Standard Chartered will serve as the stablecoin issuer, providing governance and balance-sheet support, while Capital A will develop use cases with ecosystem partners. The pilot will focus exclusively on wholesale and enterprise applications.

This development comes as Malaysia updates its cryptocurrency exchange regulations amid surging trading volumes, which reached RM13.9 billion. The central bank continues to expand its tokenization roadmap, positioning Malaysia as a cautious but progressive player in digital asset innovation.