Johor Prince Launches Ringgit Backed Stablecoin RMJDT

Malaysia has taken a significant step forward in digital finance with the launch of RMJDT, a ringgit backed stablecoin introduced by Tunku Ismail Sultan Ibrahim, the Regent of Johor. The stablecoin is issued through Bullish Aim Sdn Bhd, owned by the Johor Prince, and its debut marks one of the most high profile attempts to bring regulated digital assets into Malaysia’s mainstream financial system. According to The Edge Singapore, RMJDT is fully backed by ringgit cash reserves and short term Malaysian government securities, and operates on the Zetrix layer one blockchain that powers the Malaysia Blockchain Infrastructure.

Johor Regent Tunku Ismail Sultan Ibrahim (centre) witnessing the exchange of the agreement between Bullish Aim Sdn Bhd managing director Lion Peh (left) and Zetrix co-founder TS Wong. (Photo: Zetrix)

A Regulated Launch Surrounded by Oversight

The rollout took place on December 9 within Malaysia’s regulated digital asset sandbox under the supervision of Bank Negara Malaysia and the Securities Commission. The sandbox structure allows new digital financial products to be tested with close regulatory monitoring, ensuring stability and consumer protection. As reported by Channel News Asia, RMJDT’s introduction is viewed as a key milestone in Malaysia’s exploration of tokenisation, giving the country a safe yet progressive way to evaluate digital money.

A Vision for a National Digital Payment Standard

Bullish Aim’s managing director, Lion Peh, articulated the company’s ambition for RMJDT in a statement released during the launch. “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,” he said, as reported by CNA. His remarks highlight the intention behind RMJDT: to provide a practical, efficient payment alternative rather than a speculative asset.

At the same time, Bullish Aim is establishing a Digital Asset Treasury Company to support long term network stability. Reporting from The Business Times indicates that hundreds of millions of ringgit worth of Zetrix native tokens will be allocated to maintain stable gas fees, support validator operations and strengthen the overall network environment. Such treasury structures are common in global blockchain ecosystems and help guarantee reliable performance as user demand grows.

Potential to Transform Cross Border Trade

A major use case for RMJDT lies in cross border settlements. International transfers involving the ringgit often face delays, high fees and intermediary costs. A ringgit backed stablecoin provides a direct digital alternative that settles quickly and removes much of the friction associated with traditional banking rails. CNA highlighted that Malaysian companies could benefit across the Asia Pacific trading corridor, where digital payment solutions are becoming increasingly standard.

Stablecoins combine the speed of crypto networks with the stability of fiat currencies. With RMJDT tied to ringgit reserves and supervised by regulators, Malaysia positions itself to expand the reach of its currency and offer businesses a modern payment channel that aligns with regional and global trends.

A Catalyst for Fintech Growth in Malaysia

Malaysia’s structured approach to RMJDT may strengthen its attractiveness as a fintech destination. The presence of a clear, regulated sandbox offers confidence to investors and innovators who require predictable rules for digital asset deployment. SMEs and local enterprises stand to gain from faster settlements, lower transaction costs and greater access to digital tools designed for cross b order operations. RMJDT’s transparent asset backing and regulatory structure help build public trust, which is essential for adoption.

Part of a Global Shift Toward Tokenised Money

The launch reflects wider global interest in tokenised financial systems. Both public and private sectors around the world are exploring digital money models that combine technological innovation with regulatory safeguards. Malaysia’s approach bridges these perspectives by enabling private issuance while maintaining oversight. It also aligns with the global movement toward programmable payments and blockchain powered settlements.

Looking Ahead

The long term viability of RMJDT will depend on public confidence, merchant acceptance, liquidity and post sandbox regulatory clarity. These elements develop over time, but the structured rollout, government aligned infrastructure and the involvement of the Johor Prince give RMJDT a strong foundation. Malaysia’s willingness to support a stablecoin backed by its own currency signals a broader commitment to modernising its financial landscape and strengthening the ringgit’s presence in international markets.

Key Takeaways

• RMJDT is a ringgit backed stablecoin launched by the Johor Prince through Bullish Aim Sdn Bhd.

• The stablecoin operates inside Malaysia’s regulated digital asset sandbox under BNM and the Securities Commission.

• It is fully backed by ringgit cash and short term government securities, according to The Edge.

• RMJDT runs on the Zetrix blockchain, part of the Malaysia Blockchain Infrastructure.

• Bullish Aim plans to support the ecosystem through a large Digital Asset Treasury Company.

• Lion Peh stated that the aim is for RMJDT to become the standard for crypto based payments in Malaysia.

• RMJDT could significantly improve cross border settlement speed and efficiency for Malaysian businesses.

• The initiative strengthens Malaysia’s position as a fintech friendly jurisdiction.

• It aligns with global trends in tokenised money while maintaining regulatory oversight.

• Long term success depends on adoption, liquidity and regulatory clarity after the sandbox phase.

This article incorporates reporting from The Edge Singapore and Channel News Asia to ensure factual accuracy and transparency. CNA: https://www.channelnewsasia.com/asia/malaysia-rmjdt-tmj-tunku-ismail-ringgit-backed-stablecoin-crypto-5575646 The Edge Singapore: https://www.theedgesingapore.com/news/cryptocurrency/malaysian-royal-launches-ringgit-backed-stablecoin-payments