Johor regent-owned firm launches ringgit-backed stablecoin

Bullish Aim Sdn Bhd, a company chaired and owned by Johor Regent, Tunku Ismail Sultan Ibrahim, has officially launched RMJDT, a ringgit-backed stablecoin on Zetrix, the network underpinning the Malaysia Blockchain Infrastructure (MBI).

“As the issuer of RMJDT, we view the establishment of a Zetrix-token treasury as a strategic necessity - both to support operational stability and to deepen alignment with the national blockchain,” Tunku Ismail said in a statement.

For the record, a stablecoin is a form of cryptocurrency designed to maintain a stable value, often pegged to fiat currency.

RMJDT will be issued on Zetrix, a blockchain developed by Malaysian company Zetrix AI Bhd – formerly known as MYEG Services Bhd.

In its filing on Bursa Malaysia today, Zetrix said RMJDT was launched under a regulated sandbox framework and designed to strengthen the international use of the Malaysian ringgit in cross-border trade settlements.

“It will also act as a catalyst for attracting increased foreign direct investment into Malaysia.

“The initiative aligns with global tokenisation trends and directly supports Malaysia’s Digital Asset National Policy,” Zetrix stated.

In conjunction with its rollout, Zetrix said Bullish Aim will also establish a Digital Asset Treasury Company (Datco) - with an initial treasury allocation of RM500 million in Zetrix tokens, with plans to increase to RM1 billion.

“Modelled after global precedents such as MicroStrategy and Bitmine Immersion, this treasury will play a pivotal role in ensuring stable network gas fees for RMJDT transactions,” it added.

In addition, Datco will stake Zetrix tokens to support up to 10 percent of the validator nodes within the Malaysia Blockchain Infrastructure, reinforcing long-term national Web3 resilience while enhancing the security and efficiency of the blockchain ecosystem.

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