Malaysia, Thailand join stablecoin push

What happened

On 23 October the Monetary Authority of Singapore (MAS) announced that Bank Negara Malaysia and the Bank of Thailand have joined BLOOM as policymaker members. BLOOM is a public-private initiative that brings central banks, financial institutions, payment networks and technology firms together to work out how different forms of digital money, such as tokenised bank deposits and regulated stablecoins, can be accepted, exchanged and settled across institutions and borders. MAS launched it in October 2025, and according to Blockhead it grew out of Project Orchid, Singapore's digital currency programme, which has run more than ten trials since 2021.

Who is involved

Alongside the two central banks, MAS named nine new participants, among them Malaysia's Maybank and the World Bank Group, which joins as a multilateral development bank bringing the needs of developing economies. They join an existing group that includes Singapore's DBS, OCBC and UOB, Standard Chartered, J.P. Morgan, Thailand's Kasikornbank and Circle, the issuer of the USDC stablecoin.

What BLOOM will work on

The three central banks will work with firms in their own markets on common approaches in three areas, MAS said. The first is acceptance and settlement: how institutions accept digital money, how counterparties contract and where transactions settle across markets. The second is interoperability, so that digital money on different networks and infrastructure can work together. The third is programmable controls, meaning safeguards such as identity checks, sanctions screening and transaction controls built into the payment itself. MAS says shared approaches would spare institutions separate arrangements with each counterparty or market, lowering costs.

What is a stablecoin, and why central banks care

If you are wondering what a stablecoin is: it is a crypto token designed to keep a steady value against a currency, usually the US dollar, backed by reserves held by its issuer. USDT and USDC are the best-known examples, although a stable value is not guaranteed. A tokenised deposit is different: it is a bank deposit recorded on a blockchain, a claim on the bank itself. “The future of finance will involve multiple forms of digital money operating across different institutions and markets,” said Leong Sing Chiong, deputy managing director at MAS. Daranee Saeju, deputy governor at the Bank of Thailand, said the initiative would help inform forward-looking regulatory approaches for tokenised money, especially in cross-border payments and wholesale settlement.

Why it matters for payments

Aznan bin Abdul Aziz, deputy governor at Bank Negara Malaysia, said the work shows how frictionless cross-border payments can be made using multiple digital monies. For now, though, BLOOM is about institutions rather than consumers: the MAS announcement does not mention retail use, and the Bank of Thailand points to wholesale settlement. If you have searched for the remittance meaning, it is simply money sent across borders, often by workers to their families. Any benefit for everyday remittances and international money transfers would come later, and only if banks and payment firms build services on top of the shared rules.

What to watch next

No timeline or pilot transactions were announced. Blockhead expects the first output to be implementation frameworks and operating standards. Watch whether banks such as Maybank and DBS begin settling cross-border flows in tokenised deposits or regulated stablecoins, and whether regulators in Malaysia and Thailand adapt their rules.

What it means for Odix Pay users

Odix Pay is not part of BLOOM and does not issue stablecoins or tokenised deposits. Where it is available in your country, you can top up your Odix Pay account with USDT or USDC, or add USDT or USDC in the app through our licensed partner, which carries out the transaction. To send money to bank accounts abroad, Odix Pay money transfer shows the fee and exchange rate before you confirm. Availability depends on your country, and fees are shown in the app. More stories in the Odix Pay newsroom.

Related guides — What are stablecoins? USDT and USDC explained · How to top up with USDT or USDC

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