Luno partners Halogen and Kenanga on ringgit stablecoin trial

Luno, a leading digital asset platform, has joined forces with Halogen and Kenanga Investment Bank to pilot an on-chain settlement system for tokenised money market funds backed by a ringgit-pegged stablecoin.

The initiative will explore real-time settlement capabilities on blockchain networks, potentially reducing settlement times and operational costs for fund transactions. By leveraging a ringgit-pegged stablecoin—a digital token designed to maintain a stable value against the Malaysian currency—the partners aim to demonstrate how distributed ledger technology can enhance efficiency in Malaysia's financial markets.

The trial represents growing momentum in Southeast Asia toward central bank digital currencies and blockchain-based financial infrastructure. Malaysia's financial regulators have been actively exploring digital asset frameworks, and this collaboration signals increased institutional interest in stablecoin applications for traditional finance use cases.

The partnership underscores how cryptocurrency and fintech firms are increasingly collaborating with established financial institutions to bridge digital and traditional banking systems. Success in this pilot could open pathways for broader adoption of tokenised assets and blockchain settlement in Malaysia's investment fund industry.

The companies have not announced specific timelines for the trial or detailed technical specifications at this stage.