Bank Negara Malaysia has initiated three pilot projects for a ringgit-backed stablecoin and tokenized deposits, marking a significant step in the country's digital finance landscape. These pilots, launched through the Digital Asset Innovation Hub, aim to explore the practical applications of digital ringgit instruments in real-world scenarios. Major financial institutions, including Standard Chartered Malaysia and Maybank, are participating in these trials, focusing on business-to-business payments and tokenized deposit payments. The central bank's pilot programs will assess domestic and international wholesale payments, as well as tokenized asset settlements. This initiative positions Malaysia as a leader in regional digital currency development, with a comprehensive approach that evaluates both stablecoin and tokenized deposit models. Bank Negara Malaysia plans to finalize usage standards by December 2025, potentially paving the way for future central bank digital currency (CBDC) development.