https://www.instagram.com/stesontan.28/

Steson Tan, 81, Jalan 2/90, Taman Pertama (2026)

02/09/2026

Your stop keeps getting hit right before price goes exactly where you thought it would. That's not bad luck — that's a liquidity sweep.

Right below every obvious support level, there's a cluster of stop-losses sitting in the same spot — because everyone draws the same line. Price often dips just below it to trigger those stops, grabs the liquidity, then reverses in the original direction.

Your stop wasn't wrong about the trade. It was placed exactly where everyone else's was.

Tight stops right at the obvious level are the easiest ones to sweep. A little more room below the real structure often survives the exact move a textbook-tight stop doesn't.

Comment "SWEEP" if this has happened to you.

Educational content, not financial advice. Trading involves risk of loss.

01/09/2026

MYRC and Tokenized Deposits — Malaysia's Digital Currency Experiment

If you have been following this series on financial innovation, you know Malaysia is quietly advancing a digital currency experiment.

This is not about Bitcoin or crypto speculation. This is about how the Malaysian Ringgit (MYR) operates on blockchain — issued by banks, regulated by Bank Negara Malaysia, and used for real wholesale payments and asset settlements.

Let me share what I have learned.

Part 1: Two Parallel Paths
Malaysia's digital currency strategy is advancing along two parallel tracks:

PathIssuerTechnologyRegulatory FrameworkMYRC StablecoinPrivate fintech (BLOX)Public/permissioned blockchainUnder developmentTokenized DepositsLicensed commercial banksBank-permissioned blockchainBNM DAIH Sandbox

These two paths are not competing. They are complementary infrastructures serving different use cases and participants.

Bank Negara Malaysia Governor Datuk Seri Abdul Rasheed Ghaffour has stated clearly:

"Stablecoins and digital assets are here to stay, and we need to embrace them."
He also emphasized that BNM's goal is to set "guardrails" while supporting innovation — ensuring financial stability and consumer protection are not compromised.

Part 2: MYRC Stablecoin — BLOX and the Private Path
2.1 Who Is BLOX?
BLOX is a Malaysian fintech company. Its flagship product is MYRC — a stablecoin backed 1:1 by the Malaysian Ringgit (MYR), designed to enable faster, lower-cost, and more transparent digital transactions.

In August 2026, BLOX completed a $1 million seed funding round, led by Kivo Technology — the technology investment arm of Singapore-based venture capital firm.

BLOX CEO Ethan Chung stated:

"As digital assets become an increasingly important part of the global financial system, we remain focused on building trusted, compliant infrastructure that enables businesses and consumers to transact more efficiently while maintaining the highest standards of governance."
2.2 MYRC's Positioning
MYRC is not competing directly with banks. Its goals are to provide businesses and institutions with:

Faster cross-border and local payments — BLOX has participated in blockchain payment proof-of-concept projects in Malaysia
Lower transaction costs — reducing traditional payment intermediaries
Greater transparency — auditable records on blockchain

BLOX is a participant in the PayNet Fintech Hub and was selected for the PayNet Catalyst Programme — one of 10 fintech companies.

Important note: BLOX is not currently a participant in Bank Negara Malaysia's Digital Asset Innovation Hub (DAIH). DAIH participants include Standard Chartered, Capital A, Maybank, and CIMB.

2.3 The Broader Stablecoin Ecosystem
BNM has received approximately 30 to 35 applications related to stablecoins and digital asset innovation. Several projects, including ringgit stablecoin initiatives, are currently being tested under regulatory sandbox arrangements.

Standard Chartered and Capital A are exploring ringgit stablecoin use cases for wholesale payments.

Part 3: Tokenized Deposits — The Bank-Led Path
If stablecoins represent the "private path," tokenized deposits represent the "bank path" — and this path is advancing more rapidly.

3.1 What Are Tokenized Deposits?
Tokenized deposits are digital representations of traditional commercial bank deposits operating on blockchain.

Unlike traditional deposits, tokenized deposits enable:

Programmability — automatic ex*****on of pre-set conditions
Atomic settlement — transactions complete in full or not at all — eliminating settlement risk
Near real-time cross-border payments — significantly reducing settlement times

BNM views tokenized deposits as having the potential to become trusted on-chain settlement assets, complementing wholesale central bank digital currencies (CBDCs).

3.2 DAIH — BNM's Innovation Sandbox
In June 2025, BNM launched the Digital Asset Innovation Hub (DAIH) — providing a controlled environment for financial institutions to test new digital asset applications.

In 2026, DAIH initiated three pilot programmes:

ParticipantPilot FocusUse CaseStandard Chartered + Capital ARinggit stablecoinB2B settlementMaybankTokenized depositsCross-border paymentsCIMBTokenized depositsTokenized asset settlement

BNM stated these pilots will "enable BNM to assess the impact on monetary and financial stability and inform policy direction in these areas."

BNM plans to provide clearer guidance on the use of ringgit stablecoins and tokenized deposits by end-2026.

3.3 Maybank's Tokenized Deposit Pilot
In February 2026, Maybank launched its first ringgit tokenized deposit pilot for cross-border payments.

On March 25, 2026, Maybank completed its first transaction — with global energy infrastructure company Yinson Holdings Berhad.

How the transaction worked:

Bank deposits were tokenized
MYR to SGD foreign exchange was executed on-chain
A near real-time cross-border payment followed — from Malaysia to Singapore

Maybank President and Group CEO Datuk Seri Khairussaleh Ramli stated:

"We are advancing our ROAR30 strategy to build a regional transaction and payment platform covering ASEAN, providing integrated customer experiences, frictionless fund flows, and liquidity optimisation."
Maybank also plans to extend tokenization to Islamic finance — including tokenized sukuk and funds, and programmable payments for SMEs.

3.4 CIMB's Tokenized Sukuk Settlement (August 27, 2026)
This is Malaysia's largest and most complex tokenization experiment to date.

On August 27, 2026, CIMB, through CIMB Islamic Bank, completed a pilot testing tokenized deposit settlement of tokenized sukuk.

Key figures:

Total issuance size: RM 1.68 billion (approximately $417 million)
Tokenized portion: RM 1.38 billion ($342 million) — subscribed by 12 institutional investors
Traditional sukuk portion: RM 300 million — for direct comparison
Tenors: 5 to 15 years
Book cover ratio: 1.73x

Why this matters:

This was the first time in Malaysia that both the securities leg (sukuk) and the payment leg (money) were coordinated on a single ledger — using CIMB's permissioned blockchain CIMB Blockchain Connect.

As Sylvia Wong, CIMB's Regional Head of Tokenization, explained:

"Keeping both on the same ledger enables the capability for atomic settlement."
What is "atomic settlement"?

The sukuk and the corresponding payment transfer together — or not at all. If one leg fails, the entire transaction is cancelled. This eliminates settlement risk entirely.

This is a critical step forward — moving from "theory" to "working proof of concept."

But this is still a pilot. Sylvia Wong also acknowledged:

"It's okay to be instantaneous for RM100, but can you imagine if it is instantaneous for RM100 million? Perhaps, banks may not be ready for that kind of frictionless settlement."
Part 4: Key Players and Strategic Positioning
4.1 CIMB's Next Steps
CIMB Group CEO Novan Amirudin stated:

"Greater automation and faster settlement could reduce friction in financial transactions, improve liquidity management and increase capital efficiency."
The pilot will also provide insights into lifecycle events such as bond distribution, secondary-market transfers, and redemption.

The tokenization layer does not alter the underlying economic or Shariah structure of the sukuk.

4.2 Maybank's Vision
Maybank has received "strong market interest" to collaborate on additional pilots following its first transaction. Its broader vision includes:

Tokenized Islamic finance
Programmable payments for SMEs
Solutions for retail and wealth clients
A regional payment platform across ASEAN

4.3 BNM's Policy Direction
A BNM assistant governor emphasized that bank tokenization must be implemented in a "phased and measured" manner.

Use cases being explored include:

Programmable money
Tokenized deposits
Atomic settlement
Improved liquidity and collateral management

BNM is also collaborating with the Bank for International Settlements (BIS) Innovation Hub and other central banks to advance work on the tokenized economy.

Part 5: Comparing the Two Paths
DimensionMYRC StablecoinTokenized DepositsIssuerBLOX (fintech)Maybank, CIMB (licensed banks)Regulatory StatusUnder development (end-2026 guidance)DAIH sandbox (operational)Primary Use CaseB2B payments, local paymentsCross-border payments, asset settlementTechnology PlatformTBDBank-permissioned blockchainCurrent StatusSeed funding, proof-of-conceptCompleted pilot transactionsScaleEarly stageRM 1.38 billion (CIMB)

Part 6: Unanswered Questions
What will BNM's final policy position be? End-2026 guidance will determine which models can scale — and which cannot.
Will the two paths converge or diverge? Stablecoins and tokenized deposits serve different use cases, but they may need to interoperate within the same ecosystem over time.
What about the retail layer? For now, these pilots focus on wholesale payments. Retail adoption may still be years away.
How will cross-border interoperability work? Maybank's MYR-SGD pilot and BIS work on tokenized deposits suggest the cross-border dimension is the next frontier.
How will Islamic finance fit in? CIMB's pilot demonstrates tokenization can remain Shariah-compliant. This opens significant possibilities for the global Islamic finance market.

01/09/2026

You can journal every single trade and still learn nothing — if you're not reading it back honestly.

It's easy to write "market was choppy" every time you lose and "good read" every time you win. That's not a journal, that's a highlight reel.

Go back to your last 5 losses. For each one: was this actually bad luck, or did I skip a step I know I should have followed?

If most of your losses have a rule you quietly ignored, that's not bad luck. That's a pattern with your name on it.

Read your last 5 losses again tonight — honestly this time. Tell me what you find.

Educational content, not financial advice. Trading involves risk of loss.

31/08/2026

Most people close a losing trade and move on. I do the opposite — the loss is when I journal the most.
Right after a loss, I answer a few honest questions: Did I follow my own rules?
Did I increase my size mid-trade?
Was I revenge trading off an earlier loss?
What was my confidence level going in?

A win teaches you almost nothing if you got lucky.

A loss where you followed every rule just means the market didn't cooperate — that's fine, that's trading. A loss where you broke your own rule is the one worth sitting with.

If you only journal your wins, you're only getting half the lesson.

Comment "LOG" if you actually journal your losses too.

Educational content, not financial advice. Trading involves risk of loss.

31/08/2026

Japan's Economic Crisis: What Is Really Happening?
If you have been following global markets, you have likely seen the headlines: Japan's economy is flashing red.

But what is actually happening — and why?

Let me share what I have learned from studying this unfolding crisis.

Part 1: The Numbers That Tell the Story
GDP Growth Is Stalling.

Japan's Cabinet Office reported on August 17, 2026, that second-quarter GDP grew by only 0.3% quarter-on-quarter — or 1.1% annualized.

This is well below the previous quarter's revised 1.9% and below economists' expectations of 2% .

The government has already cut its fiscal 2026 growth forecast to 0.9% from an earlier 1.3% . The OECD projects even lower growth of 0.7% for 2026.

Japan is not just experiencing a temporary downturn. It is facing a structural crisis — one that reflects decades of unresolved challenges: an aging population, massive debt, and a policy framework that has struggled to adapt.
The "triple crash" — stocks, bonds, and yen falling together — is a warning sign. It suggests that market participants are losing confidence not just in Japan's short-term prospects, but in its long-term trajectory.

This is a story worth watching closely — not just for what it means for Japan, but for what it tells us about the limits of monetary policy, the dangers of structural stagnation, and the fragility of the global financial system.

More concerning: domestic demand is collapsing across the board.

IndicatorQ2 2026 ChangePersonal ConsumptionStagnant (near zero)Business Investment-1.2%Residential Investment-0.5%Public Demand-0.8%

Part 2: The Yen Crisis — "The World's Weakest Currency"
The yen has become the weakest major currency in the world.

Yen hit 162 per dollar in July 2026 — a 40-year low
Since early 2022, the yen has depreciated by more than 39% — from 115 to 160 per dollar
Despite Japan spending over 11 trillion yen on interventions in Q2 alone — including a record $35 billion single-day intervention in April — the yen has almost fully retraced all intervention gains

Why is the yen collapsing?

1. The Interest Rate Gap

The US-Japan interest rate differential remains wide — around 2.5%. Investors borrow cheap yen, buy higher-yielding dollar assets, and profit from the spread. This carry trade creates endless selling pressure on the yen.

2. Economic Fundamentals Are Weak

As one analysis noted: "Japan's GDP performance is mediocre, private corporate investment is sluggish, and economic strength is insufficient — making it difficult to reverse the yen's depreciation trend."

3. Policy Constraints

Japan's government debt-to-GDP ratio exceeds 250%. The national debt is approaching 1,500 trillion yen. This massive debt burden severely limits policy options.

Part 3: The "Sell Japan" Phenomenon — A Rare "Triple Crash"
What makes this crisis particularly alarming is the simultaneous collapse of stocks, bonds, and the yen — a phenomenon known as "stock-bond-currency triple crash."

Normally, when stocks fall, bonds rise — investors flee to safe-haven government debt.

But Japan is experiencing something different:

AssetWhat Is HappeningStocksNikkei fell over 1,000 points in a single day in MayBonds10-year JGB yield hit 2.93% — the highest since 1996YenHit 162 per dollar — a 40-year low

This "triple crash" signals that investors are losing confidence in Japan's entire financial system. They are not just selling one asset class — they are exiting Japan entirely.

As the South China Morning Post put it: "The authorities cannot solve the structural problems but are trying to cover them up with stock market prosperity, leading the stock-bond-currency triangle to a dangerous imbalance."

Part 4: The "Takaichi Economics" Debate
Prime Minister Sanae Takaichi — Japan's first female prime minister — has pursued a policy of large-scale tax cuts and fiscal expansion.

The problem: this spending is funded by more debt issuance.

Ministries' budget requests for next fiscal year could top ¥130 trillion ($815 billion)
Debt servicing costs are projected to reach a record $230 billion next year
The national debt could increase by another ¥146 trillion by year-end

Critics argue that "Takaichi Economics" has gone in the wrong direction. One analysis noted that "the removal of a standard vow to restore Japan's fiscal health... has sent bond yields soaring and is further dragging down the yen, which has tumbled more than 10% against the dollar since Takaichi's rise to power."

Part 5: External Shocks — The Perfect Storm
1. Middle East Conflict and Oil Prices

The situation in the Strait of Hormuz has driven up oil prices. As a major energy importer, Japan's import costs have surged — creating imported inflation.

The impact: If Brent crude stays at $95-110/barrel, Japan's 2026 GDP growth could be dragged down to 0.7-1.0%. If oil hits $150/barrel, the damage would be catastrophic.

2. China's Export Controls

China has added 20 Japanese companies to its export control list for dual-use items — bringing the total to 80 affected Japanese firms. These companies face shortages of critical materials like rare earths and tungsten — directly impacting Japan's high-end manufacturing.

3. Global Demand Slowdown

External orders are providing limited support for Japanese exports.

Part 6: The Structural Problems
Beyond the immediate crises, Japan faces deep structural challenges:

1. Aging Population and Shrinking Workforce

"The labor force contraction caused by an aging society remains severe, leading to Japan's potential economic growth rate remaining low."

2. Massive Debt Burden

Japan's debt-to-GDP ratio exceeds 250% — the highest among developed nations. Social security spending continues to grow rigidly, and economic growth remains sluggish.

3. The Carry Trade Trap

Japan's long-term ultra-low interest rates have made the yen a global funding currency for carry trades. If the Bank of Japan is forced to raise rates aggressively, massive carry trade unwinding could trigger systemic financial risks.

4. The Global Spillover Risk

Japan is a major holder of US Treasuries. If Japanese investors are forced to sell US assets to cover domestic losses, it could push up US Treasury yields — creating a global ripple effect.

Part 7: The Bank of Japan's Dilemma
The BOJ is trapped in a no-win situation:

If They...The RiskRaise rates aggressivelyMassive carry trade unwinding, bond market collapse, systemic financial crisisKeep rates lowYen continues to collapse, imported inflation worsens, credibility erodes

The BOJ raised rates to 1.0% in June 2026 — the first time above 1% since 1995. But this may be too little, too late.

As one economist noted: "The Bank of Japan's monetary policy normalization is essentially a policy correction forced by inflation — not a proactive choice driven by strong economic recovery."

28/08/2026

I built an app whose entire job is to tell me no.

Not "no" to trading. No to the version of me that wants to size up after two wins, or add to a loser because "it'll come back."

LULU checks my position size against my own rule before I can enter — every time. If it breaks the rule, it flags it. I still have the final click, but I can't pretend I didn't see the warning. Every trader I know — myself included — has blown up an account not from a bad strategy, but from a good strategy sized badly on the wrong day.

The strategy was never the weak link. The moment right before the click was. So instead of building another signal tool, I built the thing that slows down that exact moment.

It's not glamorous. It's just the rule I kept breaking, built into something I can't talk myself out of anymore.

Educational content, not financial advice. Trading involves risk of loss.

28/08/2026

Three days ago I said "dip or top?" Here's what actually happened since.

Gold, three closes in a row: $4,662 → $4,605 → $4,590. Down for a third straight day. No bounce yet.

Still true: the dollar's still weak. This isn't a reversal story — it's a pullback inside the same trend.

Still not true: the "dip" crowd hasn't been proven right. Three lower closes, nobody's celebrating yet.

What I'm doing: not buying because it's "cheaper," not shorting because it's falling. Waiting for a level I actually planned for.

So — dip or top? Nobody knows yet. And that's exactly the point — anyone with a confident answer right now is guessing, same as everyone else.

Save this. I'll update when it actually resolves.

Educational content, not financial advice. Trading involves risk of loss.

StesonTan

Steson Tan

02/09/2026

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