Malaysian’s Johor Regent to Launch Ringgit Stablecoin RMJDT

• Johor regent launches ringgit-backed RMJDT stablecoin on the Zetrix blockchain.
• RMJDT is backed by ringgit cash and Malaysian government bonds under a national sandbox.
• New DATCO treasury stakes up to 10% of Zetrix validators with RM500m to RM1b in tokens.

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. 

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

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 people said. 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.

Related: Malaysian Launches ‘Ops Token’ to Combat Crypto Tax Evasion

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 the people briefed on the matter, the same technology supports the Malaysian Blockchain Infrastructure, a government-backed service framework unveiled in April.

However, representatives for Tunku Ismail and the Johor Royal Press Office did not provide a comment on the project. Zetrix also declined to comment.

Related: Global Banks Unite to Build G7-Pegged Stablecoin Framework