Malaysia’s Johor Prince Launches Ringgit-Backed Stablecoin RMJDT

Malaysia has taken a major step into digital finance with the launch of RMJDT, a ringgit-backed stablecoin announced by telecommunications company Bullish Aim — owned by Johor’s Crown Prince and current Regent, Tunku Ismail Idris.

The stablecoin will be fully pegged to the Malaysian ringgit and issued on the Zetrix L1 blockchain, a network positioned to connect governments and enterprises operating within the Web3 ecosystem, particularly in partnership with China.

As part of the initiative, Bullish Aim will set up a digital treasury and has allocated 500 mln ringgit (about $121.5 mln) to purchase native Zetrix (ZETRIX) tokens, with plans to double its reserves in the future.

The RMJDT project will operate inside a regulatory sandbox overseen by the Securities Commission and Bank Negara Malaysia. The sandbox will test use cases such as programmable payments and supply-chain financing.

Officials say the stablecoin is designed to boost the ringgit’s use in cross-border transactions and attract foreign investment. The Regent of Johor called the accumulation of token reserves a «strategic necessity,» citing inspiration from Michael Saylor’s corporate digital-asset strategy.

The move comes despite recent comments from CoinShares head of research James Butterfill, who noted that corporate enthusiasm for crypto treasuries has begun to cool.

Kursiv Uzbekistan also reports that The European Bank for Reconstruction and Development (EBRD) will extend a $50 mln loan to Ipak Yuli Bank to strengthen small and medium-sized businesses (SMEs) in Uzbekistan, the institution’s press service told Kursiv Uzbekistan.