AirAsia Founder, Standard Chartered Exploring Ringgit Stablecoin

The operator of AirAsia and the Malaysian unit of Standard Chartered have inked a deal to explore a ringgit-backed stablecoin in the Southeast Asian country, days after a Malaysian royal announced the launch of a similar token.

Tony Fernandes’s Capital A and Standard Chartered Bank Malaysia Bhd. signed a letter of intent to develop and test the stablecoin through a digital-asset innovation hub overseen by Bank Negara Malaysia, according to a statement on Friday.