Malaysia’s crown prince launches ringgit stablecoin, Zetrix treasury

Bullish Aim, a company owned by Ismail Ibrahim, the Crown Prince of Johor, announced the launch of RMJDT, a stablecoin pegged to the Malaysian ringgit. This stablecoin will operate on Zetrix, a layer-1 blockchain focused on cross-border integration, particularly with China. Concurrently, Bullish Aim is establishing a Digital Asset Treasury (DAT) with an initial allocation of 500 million ringgits ($121.5 million) in Zetrix (ZETRIX) tokens. The RMJDT launch is being conducted under Malaysia’s regulatory sandbox framework, overseen by the Securities Commission and Bank Negara Malaysia, to test innovations like ringgit-backed stablecoins. The initiative aims to boost the international use of the ringgit in trade settlements and attract foreign direct investment, aligning with Malaysia’s Digital Asset National Policy. Bullish Aim plans to increase its Zetrix DAT to $243 million, despite broader market concerns about the sustainability of DAT models.

(Source：Cointelegraph)