Malaysia's Regent of Johor launched a ringgit-backed stablecoin on Monday targeting cross-border payments across Asia-Pacific.
Tunku Ismail Ibni Sultan Ibrahim unveiled RMJDT through his company Bullish Aim, issuing the token on Zetrix blockchain.
The regent is the eldest son of Sultan Ibrahim Iskandar, Malaysia's current king.
What Happened
RMJDT will be backed by ringgit cash deposits and short-term Malaysian government bonds, according to people familiar with the matter.
The stablecoin launches under Malaysia's regulated sandbox framework overseen by the Securities Commission and Bank Negara Malaysia.
The sandbox began in June to test digital asset use cases including programmable payments and supply chain financing.
Bullish Aim will establish a Digital Asset Treasury Company with an initial allocation of 500 million ringgit ($121 million) in Zetrix tokens.
The company plans to expand the treasury to 1 billion ringgit ($243 million).
The treasury is modeled after MicroStrategy and will support up to 10% of validator nodes within Malaysia's Blockchain Infrastructure.
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Zetrix was developed by Malaysian company Zetrix AI Bhd, formerly known as MY E.G. Services Bhd.
Why It Matters
The stablecoin aims to strengthen the ringgit's international use in cross-border trade settlements and attract foreign direct investment.
Asia-Pacific leads global stablecoin adoption, with 56% of institutions already using them for payments and treasury purposes, according to Circle data.
The region recorded $2.4 trillion in on-chain stablecoin activity between June 2024 and June 2025.
Prime Minister Anwar Ibrahim said in April that Malaysia welcomes responsible innovation in the crypto space.
The launch follows Hong Kong's stablecoin regulations in July and broader regional moves toward digital asset integration.
Managing Director Lion Peh said RMJDT aims to become the standard for crypto-based payments in Malaysia.
Zetrix tokens currently trade around $12.60, down from an all-time high above $20 about one year ago.
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