Malaysia king’s son launches ringgit-backed stablecoin
The post Malaysia king’s son launches ringgit-backed stablecoin appeared on BitcoinEthereumNews.com.
The eldest son of Malaysia’s billionaire king has unveiled plans to launch a stablecoin pegged to the Malaysian ringgit, joining the push for stablecoin use in the Asia-Pacific region. According to Bloomberg’s exclusive report, citing company officials on Tuesday, the new token, named RMJDT, will provide businesses and consumers with a faster and more secure way to transact digitally. Bullish Aim Sdn., the private company behind the project, is chaired and owned by Ismail Ibrahim, the son of Sultan Ibrahim Iskandar of the Johor royal family. People familiar with the matter, who requested anonymity, confirmed that RMJDT will be backed by local-currency cash deposits and short-term Malaysian government bonds. “Our vision is for this stablecoin to become the standard for crypto-based payments in Malaysia by empowering the economy and providing a faster, safer, and more efficient way to transact,” Bullish Aim’s managing director, Lion Peh, said in a statement earlier today. RMJDT will be issued on Zetrix, a blockchain platform developed by Malaysian company Zetrix AI Bhd. Zetrix technology embeds the Malaysian Blockchain Infrastructure, a government-backed platform for digital services, which debuted in April. Ismail Ibrahim is the regent of Malaysia’s southernmost state, Johor, who will oversee the initiative during his father’s five-year term as Malaysia’s king. Bullish Aim also plans to establish a digital-asset treasury company, starting with an initial 500 million ringgit ($121 million) investment in Zetrix tokens. According to CoinGecko, Zetrix’s native coin is trading at around $12.60, down 42% from its all-time high of over $22 in November 2024. Asia’s regional momentum for stablecoins The Bullish Aim stablecoin plan comes against the backdrop of private tech companies in Asia revealing their interest in stablecoins this year. The Chinese special administrative region of Hong Kong was among the first jurisdictions on the continent to introduce a regulatory…
