A new stablecoin has arrived on the Malaysian blockchain scene, and it’s arrived with some notable royal backing. Tunku Ismail Sultan Ibrahim, the Tunku Mahkota Johor, recently launched the digital currency, which is pegged to the ringgit.
Named RMJDT, the stablecoin is designed to be fully backed by ringgit cash deposits and short-term Malaysian government securities, as reported by FMT. This approach aims to provide the stability needed for everyday transactions.
“Our vision is for this stablecoin to become the standard for crypto-based payments in Malaysia – empowering businesses, consumers, and innovators with a faster, safer, and more efficient way to transact,” explained Lion Peh, managing director of the issuing firm, Bullish Aim.
The technical foundation for RMJDT is the Zetrix AI blockchain, developed by the local firm Zetrix AI Bhd. This blockchain is the core of the government-backed Malaysian Blockchain Infrastructure, a platform for digital services which was introduced earlier this year.
In a related move, Bullish Aim has further aligned itself with the Zetrix ecosystem. The company plans to establish a digital-asset treasury company, kickstarting the venture with an initial investment of RM500 million (~USD 121 million) into Zetrix tokens.