Standard Chartered, AirAsia parent to test ringgit stablecoin in Malaysia
PositiveCryptocurrency
- Standard Chartered Malaysia and Capital A, the parent company of AirAsia, are set to issue and test a ringgit-pegged stablecoin aimed at wholesale applications in Malaysia. This initiative marks a significant step in the integration of cryptocurrency within the Malaysian financial ecosystem.
- The introduction of a ringgit stablecoin is expected to enhance the efficiency of transactions and payments in the wholesale sector, potentially attracting more institutional interest and participation in the cryptocurrency market in Malaysia.
- This development aligns with Malaysia's broader efforts to embrace digital currencies, as evidenced by other initiatives such as the launch of a ringgit-backed stablecoin by the Malaysian crown prince. However, the backdrop of Standard Chartered's recent downgrades in Bitcoin price forecasts highlights the challenges and volatility present in the cryptocurrency market.
— via World Pulse Now AI Editorial System
