The eldest son of Malaysia’s king introduced a local currency-backed stablecoin today, aimed at fostering cross-border trade and attracting foreign investment throughout the Asia-Pacific region, as stated in an official announcement.
Ismail Ibrahim, who owns the telecommunications company Bullish Aim Sdn, is launching the stablecoin known as RMJDT, pegged to the Malaysian ringgit. The stablecoin will initially have a supply of 500 million tokens (approximately $121.5 million), supported by ringgit cash deposits and short-term local government bonds, according to a press release from his company.
“By issuing RMJDT, we see the creation of a Zetrix-token treasury as essential for operational stability and strengthening our alignment with the national blockchain,” Ibrahim stated in the press release. He emphasized that Bullish Aim Sdn regards RMJDT as a quicker, safer, and more efficient method of transaction, as noted in the statement. The company has yet to respond to CoinDesk’s inquiry for additional comments.
The rollout of this fiat-pegged token aligns with numerous initiatives across Asia to advance stablecoin projects this year, with Hong Kong notably leading the way after introducing stablecoin regulations in July.
In October, Circle reported $2.4 trillion in on-chain stablecoin activities across the APAC region from June 2024 to June 2025, highlighting it as the fastest-growing market globally.. Circle also noted that the region boasts the highest adoption rate worldwide, with 56% of institutions in Asia employing stablecoins for payments, settlements, and treasury functions.
