Johor Regent Launches Ringgit-Backed Stablecoin on Malaysia Blockchain
Bullish Aim, chaired by Tunku Ismail Ibni Sultan Ibrahim, the Regent of Johor, has launched RMJDT, a ringgit-backed stablecoin issued on Zetrix, the layer-1 blockchain underlying Malaysia's national blockchain infrastructure.
The stablecoin launched Tuesday under a regulated sandbox framework and is designed to facilitate cross-border trade settlements using the Malaysian ringgit and attract foreign direct investment, according to the announcement. The initiative aligns with Malaysia's Digital Asset National Policy.
Alongside the stablecoin launch, Bullish Aim will establish a Digital Asset Treasury Company with an initial allocation of RM500 million ($112 million) in Zetrix tokens, with plans to increase holdings to RM1 billion. The treasury structure draws from models used by corporate bitcoin holders such as Strategy and BitMine.
The treasury will manage network gas fees for RMJDT transactions and stake Zetrix tokens to support up to 10% of validator nodes within the Malaysia Blockchain Infrastructure. The Regent of Johor described the treasury as strategically necessary to support operational stability and align with national blockchain infrastructure.
The dual initiatives reflect efforts to advance digital innovation within Malaysia's approved sandbox environment, which provides regulatory oversight for digital asset experimentation. RMJDT represents one of the first major stablecoin projects tied to Malaysia's national blockchain infrastructure.
The launch comes as Southeast Asian governments develop frameworks for stablecoin issuance and digital asset integration into financial systems. Malaysia established its blockchain infrastructure and digital asset policy framework to support controlled development of blockchain-based financial services.
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