The central banks of Singapore, Malaysia, and Thailand are expanding a cross-border initiative for the issuance of stablecoins and tokenized deposits.

The World Bank, Ripple, Visa, Mastercard, Circle, Coinbase, JPMorgan, Standard Chartered, and Stripe have also joined the initiative. The project launched in October 2025 under the leadership of the Monetary Authority of Singapore (MAS), which also tested a CBDC.

The project’s main objective is to enable banks to process various forms of digital money for cross-border transactions. In addition, the institutions will examine network interoperability and security measures, including identity verification, sanctions screening, and transaction monitoring.