Johor Crown Prince Tunku Ismail launches RMJDT, a ringgit-backed stablecoin

KUALA LUMPUR: The crown prince of Johor, Tunku Ismail Sultan Ibrahim launched a ringgit-backed stablecoin, the first of it’s kind in Malaysia. His highness emphasize the need for a digital solution in cross border payments. Bullish Aim Sdn Bhd, chaired and owned by Tunku Ismail, announced the stablecoin named “RMJDT” which is pegged to the Malaysian ringgit. The token will be backed by local currency cash deposits and short-term Malaysian government bonds, signalling growing trust and integration between traditional finance and blockchain technology. “Our vision is for this stablecoin to become the standard for crypto-based payments in Malaysia - empowering businesses, consumers and innovators with a faster, safer and more efficient way to transact,” Lion Peh, Bullish Aim’s managing director, said in a statement on Tuesday (Dec 9). RMJDT will be issued on Zetrix AI, a blockchain developed by Malaysian company Zetrix AI Bhd who is also the founder for Zetrix, a layer-1 public blockchain. Zetrix’s technology underpins an initiative called the Malaysian Blockchain Infrastructure, a government-backed platform for digital services launched in April.