Monfi Bank launches Monfi USD (MUSD), a bank-issued US dollar stablecoin

Monfi Digital Bank Ltd. (Monfi Bank), a fully licensed international digital bank headquartered in Malaysia, has launched one of the world’s first US dollar stablecoins issued by a licensed bank. Its reserves are held under the same supervisory framework as the bank’s deposits.

Singapore, 19 October 2026: Monfi Bank, the licensed and regulated digital bank that runs fiat accounts and digital assets on one unified platform, has launched Monfi USD (MUSD), a fully reserved, US dollar-denominated stablecoin issued by the bank itself. MUSD gives institutions and qualified private clients a digital dollar that is redeemable at par and whose reserves sit on a bank balance sheet. It is powered by Estable and Hadron by Tether.

Stablecoins have moved from a crypto settlement tool to core financial infrastructure. Market capitalisation is above USD 300 billion, and regulatory frameworks are now in force across the US, EU and Asia Pacific. For institutions, the question is no longer whether to hold digital dollars, but who stands behind them.

Almost every stablecoin in circulation today is issued by a non-bank entity, with reserves held at third-party custodians. Monfi USD (MUSD) is designed for institutions that want the alternative: a dollar token issued by a licensed, supervised bank, with reserves held in a segregated account on the bank’s own books, and redemption that is a bank obligation rather than a promise from a reserve manager.

Built on a bank balance sheet, not a reserve pool

MUSD is backed one-to-one by US dollar reserves held in a dedicated, segregated reserve account on Monfi Bank’s own balance sheet. The account is separate from the bank’s operational capital, its regulatory capital and other client deposits. The structure is the product.

Reserves that stay reserves. Reserves are held exclusively in US dollar cash and cash equivalents. They are unencumbered and are never leveraged, lent or rehypothecated. They are reconciled daily against circulating supply, published quarterly and subject to annual independent third-party verification.

A claim on a licensed bank. Holders have recourse to Monfi Bank, which is supervised by the same regulator that oversees the rest of its business. Redemption is at par, in US dollars.

Institutional infrastructure throughout. MUSD is powered by Estable and Hadron by Tether. Fireblocks provides custody infrastructure and key management, and Chainalysis provides on-chain monitoring and sanctions screening.

Built for settlement. MUSD supports cross-border payments between counterparties, trade settlement, treasury management and the settlement of tokenised assets.

MUSD is available now to institutions and qualified private clients who have completed Monfi Bank’s KYC and KYB onboarding; applications are made through Monfi Bank’s website. Secondary market access will follow as MUSD is listed on digital asset venues, subject to those venues’ eligibility frameworks.

The MUSD contract address on Ethereum is 0x157410Eeb85e9Dd2053338167ab33d119a45aF47, verifiable on Etherscan at https://etherscan.io/token/0x157410Eeb85e9Dd2053338167ab33d119a45aF47.

MUSD was publicly launched at TOKEN2049 Singapore in October 2026, where Monfi Bank was a Gold Sponsor.

About Monfi Bank

Monfi Digital Bank Ltd. is a fully licensed international digital bank headquartered in Malaysia. It brings fiat banking and digital assets together in one account and one app, with multi-currency accounts, cross-border payments, a card for global spending and trading in major cryptocurrencies. In October 2026, the bank launched Monfi USD (MUSD), a fully reserved US dollar stablecoin powered by Estable and Hadron by Tether.

Bank: Multi-currency accounts in US dollars, euros, British pounds, UAE dirhams and Singapore dollars. Clients can move funds between currency accounts and send cross-border payments directly from the app.

Trade: Clients can buy, sell and swap leading digital assets, from Bitcoin to other major cryptocurrencies, using their fiat balances and convert back within the same account.

Spend: A card that tops up from the account, issued virtually with a physical card on request, for contactless payments and ATM withdrawals.

Settle: MUSD, a bank-issued USD stablecoin for clients who need a dollar balance that moves on-chain at any hour and is redeemable at par.

Learn more at monfibank.com

Media contact

Monfi Bank: [email protected]

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