The eldest son of Malaysia’s billionaire king is introducing a stablecoin linked to the national currency, aiming for transactions across the Asia-Pacific region.
Bullish Aim, a telecom enterprise owned by Ismail Ibrahim, the son of Sultan Ibrahim Iskandar of the Johor royal family, on Tuesday revealed the launch of RMJDT, a new stablecoin supported by the Malaysian ringgit, the country’s legal tender.
The forthcoming stablecoin will be issued on Zetrix, a layer-1 blockchain aimed at linking governments, businesses, and individuals to the Web3 economy, focusing on cross-border integration, especially in China.
Alongside the stablecoin launch, Bullish Aim will also create a digital asset treasury (DAT) company, with an initial treasury allocation of 500 million ringgits ($121.5 million) in Zetrix (ZETRIX) tokens, as per the announcement.
Launch of stablecoin within Malaysia’s regulatory sandbox
The announcement stated that RMJDT is launched under Malaysia’s regulated sandbox framework by the Securities Commission and Bank Negara Malaysia, aimed at testing financial innovations, including stablecoins.
Launched in June, the sandbox intends to explore digital asset applications like programmable payments, ringgit-backed stablecoins, and supply chain financing.
“RMJDT aims to enhance the international usage of the Malaysian ringgit in cross-border trade settlements and to serve as a catalyst for attracting more foreign direct investment into Malaysia,” the announcement stated, emphasizing that the initiative aligns with global tokenization trends and supports Malaysia’s Digital Asset National Policy.
DAT modeled after MicroStrategy: Is the DAT bubble losing air?
Regarding its $121 million Zetrix DAT, Bullish Aim indicated plans to expand the treasury to $243 million.
Bullish noted that the DAT is modeled after successful global precedents like Michael Saylor’s Strategy, which has amassed 660,624 Bitcoin (BTC) on its balance sheet since initiating its Bitcoin strategy in 2020.
“As the issuer of RMJDT, we consider the establishment of a Zetrix-token treasury to be strategically vital — both for ensuring operational stability and for reinforcing our alignment with the national blockchain,” Ismail stated.
Bullish Aim enters the DAT space amid challenges faced by many companies with digital asset treasuries. Ismail’s reported on a $2.7 billion land sale bid in Singapore in August, demonstrating how cash-rich players are still making significant wagers despite rising concerns over Strategy imitators.
According to CoinShares’ head of research, James Butterfill, the DAT bubble may have already begun to deflate following a surge in the summer of 2025.
Related: Digital asset treasury growth stagnates as inflows decrease to $1.3B and stocks drop
“As the bubble retracts, the market is reassessing which companies genuinely fit the DAT model and which were merely following trends,” Butterfill commented in a recent DAT update.
He further suggested that the future of DATs will hinge on fundamentals like disciplined treasury management, credible business models, and realistic expectations regarding the role of digital assets on corporate balance sheets.
Cointelegraph reached out to Bullish Aim for comments on its stablecoin and DAT strategies, but had not received a reply by the time of publication.
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