Key Notes
- Malaysia’s Johor Crown Prince launches ringgit-backed stablecoin RMJDT.
- Token aims to become the country’s standard for crypto-based payments.
- The initiative aligns with Malaysia’s growing push toward regulated crypto innovation.
Malaysia’s crown prince of Johor has reportedly introduced a new ringgit-backed stablecoin to modernize payments across the country.
The initiative is one of the most high-profile crypto moves in Southeast Asia this year, amid rising interest in regulated blockchain-based financial tools.
The regent of Johor and eldest son of Malaysia’s current king, Ismail Ibrahim-owned Bullish Aim Sdn. revealed the RMJDT stablecoin this week. The token is pegged to the Malaysian ringgit.
Bullish Aim aims to build a stable, transparent payment asset tailored for everyday use within Malaysia.
RMJDT stablecoin is backed by cash deposits denominated in ringgit and short-term Malaysian government bonds, according to a recent report by Bloomberg .
The company’s managing director Lion Peh explained that RMJDT launch will empower businesses, consumers, and innovators with a faster, safer, and more efficient way to transact.
Bullish Aim will issue its new stablecoin on Zetrix, a blockchain developed by Malaysian firm Zetrix AI Bhd. The network supports the Malaysian Blockchain Infrastructure, a government-backed digital-services platform introduced in April.
As per the report, Bullish Aim also plans to establish a crypto treasury company, funded by an initial 500 million ringgit ($121 million) investment in Zetrix tokens.
Malaysia’s Crypto Landscape Evolves
The RMJDT stablecoin launch comes as Malaysia slowly shifts toward a more structured crypto environment.
Prime Minister Anwar Ibrahim has supported collaboration among regulators, including the Securities Commission and the central bank, to support healthy innovation in the sector.
However, the country faces challenges like illegal crypto mining operations . These activities have resulted in $1.1 billion in losses for the national electricity provider over the past five years. Authorities have recovered hundreds of millions in stolen electricity use since 2018.
Despite this, regulated crypto development is rising in Malaysia. The country is advancing its framework for asset tokenization and exploring stablecoin-based financial infrastructure.
As regulatory clarity improves, analysts estimate crypto user adoption to significantly grow in the near future.a
