Malaysian Regent Launches Ringgit-Backed Stablecoin on Zetrix Blockchain

Source: CoinEdition Original Title: Regent of Johor Backs Digital Token Pegged to Malaysian Currency and Bonds Original Link:

Overview

Malaysia’s digital-asset market is set for another shift as Tunku Ismail Sultan Ibrahim, the eldest son of Malaysia’s king and the regent of Johor, oversees a new initiative involving a ringgit-pegged stablecoin and a sizable investment in blockchain-based assets.

The rollout coincides with ongoing regulatory discussions in Malaysia and comes at a time when private firms across Asia continue to introduce payment-focused tokens.

RMJDT Stablecoin Details

Bullish Aim Sdn., which is chaired and owned by Tunku Ismail, introduced a stablecoin named RMJDT. The token will be pegged to the Malaysian ringgit and supported by local-currency cash reserves as well as allocations in short-term Malaysian government bonds. The approach aligns the asset with conventional financial instruments held inside the country.

In a statement issued on Tuesday, Bullish Aim Managing Director Lion Peh said the company aims for the token to serve as a payment instrument for domestic users. The rollout adds Malaysia to a growing list of Asia-Pacific markets where private companies are deploying stablecoins designed for transactions.

Regulatory Developments Shape the Rollout

Several jurisdictions have been adjusting oversight of payment-linked tokens this year. Hong Kong introduced a new regulatory framework for stablecoin issuers in July, a shift that has prompted regional firms to accelerate launch plans. The United States also adopted rules for U.S. dollar-backed tokens earlier in the year.

Malaysia has been looking at similar developments. Prime Minister Anwar Ibrahim stated in April that government agencies, including the securities regulator, Bank Negara Malaysia, and the Ministry of Digital, were continuing consultations on ways to address the sector and enable responsible innovation.

Zetrix Blockchain to Host RMJDT

RMJDT will be issued on the Zetrix blockchain, a platform operated by Malaysian company Zetrix AI. According to sources briefed on the matter, the same technology supports the Malaysian Blockchain Infrastructure, a government-backed service framework unveiled in April.

The new DATCO treasury stakes up to 10% of Zetrix validators with RM500 million to RM1 billion in tokens, signaling significant investment in the blockchain ecosystem.