Malaysia Launches Ringgit-Backed Stablecoin for APAC Payments
CoinDesk
Malaysia's king's eldest son unveiled RMJDT, a ringgit-backed stablecoin for cross-border trade in the Asia-Pacific region.Summary
Malaysia's king's eldest son, through telecommunication firm Bullish Aim Sdn owner Ismail Ibrahim, launched RMJDT, a stablecoin pegged to the Malaysian ringgit, intended for cross-border trade and attracting foreign investment in the Asia-Pacific (APAC) region. The stablecoin will have an initial supply of 500 million tokens (about $121.5 million) and will be backed by ringgit cash deposits and short-term local government bonds. Ibrahim stated that RMJDT is viewed as a faster, safer, and more efficient transaction method. This launch occurs as the APAC region leads global stablecoin use, with 56% of institutions already adopting stablecoins for payments and settlements, according to a recent Circle report.
(Source：CoinDesk)