Key takeaways
RMJDT is a ringgit-pegged stablecoin aimed at facilitating payments and cross-border trade.
Its treasury and validator framework is structured to enable on-chain settlement as a reliable infrastructure.
Stablecoins are increasingly being subjected to licensing and reserve redemption regulations across Asia.
There is a growing demand for tokenized settlement in local currencies, beyond just USD.
RMJDT positions itself as a ringgit-pegged token associated with Johor’s Crown Prince. It was launched by his company, Bullish Aim, and is issued on Zetrix, a network linked to Malaysia’s national blockchain framework.
The token is aimed at payment and cross-border trade settlement, supported by a 500 million Malaysian ringgit ($121 million) Zetrix-token treasury for daily operational needs.
Asia is witnessing a larger trend towards regulated tokenized currencies, with stablecoins adhering to clearer reserve and redemption guidelines and on-chain settlement systems tailored for trade and tokenized assets. RMJDT exemplifies this trend.
What is RMJDT?
RMJDT is presented as a straightforward product: a ringgit-pegged stablecoin issued on the Zetrix blockchain by Bullish Aim, a company chaired by Johor Regent Tunku Ismail Ibni Sultan Ibrahim.
The token is designed for everyday transactions and cross-border trade, aiming to facilitate the ringgit’s use in a digital and globally integrated commerce landscape.
What sets RMJDT apart is its structure. Based on project disclosures, RMJDT is expected to be backed by ringgit cash and short-term Malaysian government bonds, offering a reserve model favored by regulators and larger financial entities for its simplicity and theoretical ease of redemption.
The initiative also includes a new Digital Asset Treasury Company (DATCO), which is starting with 500 million ringgit in Zetrix tokens, with future expansion plans to reach 1 billion ringgit.
This pool is designed to stabilize transaction costs and support the network by staking tokens linked to up to 10% of validator nodes.
Essentially, the goal is to create an experience with RMJDT that mirrors the reliability of a conventional payment system, avoiding volatility aligned with market fluctuations.
Did you know? Bank Negara Malaysia has collaborated with the BIS Innovation Hub on Project Dunbar, developing prototypes for cross-border settlement using various central bank digital currencies with Australia, Singapore, and South Africa.
Why now for a ringgit stablecoin: Tokenized assets need tokenized settlement
The emergence of a ringgit stablecoin is timely given Malaysia’s future ambitions.
Bank Negara Malaysia is laying the foundation for asset tokenization in the regulated financial landscape. RMJDT aligns with this methodical approach, beginning with familiar financial instruments and aiming to introduce tokenized offerings into regulated markets by 2027 if the timeline holds.
Yet, a persistent challenge exists in nearly all tokenization initiatives. The scalability of tokenized assets is hindered if the monetary leg of the trade remains off-chain.
While issuers can tokenize bonds, fund units, or invoices, reverting to bank transfers for settlement disrupts the promise of seamless transactions due to integration responsibilities, cut-off periods, and reconciliation issues.
This concern is echoed in regional projects like Singapore’s Project Guardian, which continually reference the importance of selecting the right settlement asset—whether stablecoins or other regulated on-chain assets—to ensure the success of tokenized markets.
In this light, RMJDT represents an experiment in how on-chain settlement functions in ringgit terms, paving the way for further tokenization efforts.
Licensing the issuer, not the token
Regulators across Asia are becoming more deliberate in determining who can issue stablecoins, including the rules around reserves, redemptions, and supervision.
A clear example comes from Hong Kong; the Stablecoins Ordinance classifies fiat-referenced stablecoin issuance as a regulated activity since August 1, 2025, requiring issuers to obtain an HKMA license. The HKMA has created a public registry for licensed issuers. The initial licenses are anticipated to be granted in batches, with regulators advising the market to wait for the process to unfold.
Singapore is adopting a similar foundational approach, framing stablecoins within a broader tokenized ecosystem. The Monetary Authority of Singapore is working on legislation for stablecoins, focusing on strong reserves and reliable redemption while testing tokenized MAS bills and conducting settlement experiments that incorporate bank liabilities alongside regulated stablecoins.
Japan is channeling stablecoin-like assets through regulated frameworks such as trust beneficiary interest stablecoins, linking issuance and redemption to trust banks and institutions, thus requiring supervisory notification. The handling of specific stablecoins is also integrated into regulated electronic payment service frameworks.
Did you know? Thailand and Malaysia have connected their real-time payment systems, PromptPay and DuitNow, via a formal cross-border payment link.
Malaysia’s regulatory backdrop
Digital asset activities already operate within a defined framework overseen by the Securities Commission. The SC’s Guidelines on Digital Assets outline the requirements for regulated entities, including exchanges and custodians, while the SC also manages a dedicated Digital Assets hub for guiding market operators towards proper pathways and custodian registration.
Bank Negara Malaysia has raised the profile of tokenization through a formal discussion paper that focuses on asset tokenization within a phased roadmap extending from 2025 to 2027, aiming to validate practical use cases in the financial sector prior to large-scale implementation.
Positioned within this context, RMJDT appears to align with a broader strategy of regulated experimentation.
Did you know? Malaysia remains the world’s largest sukuk market, accounting for approximately one-third of the outstanding global sukuk. Sukuk are financial instruments similar to bonds, designed to yield returns without interest and backed by underlying assets or cash flows.
Risks and open questions
Reserves and redemptions
The primary concern revolves around how RMJDT will manage reserves and redemptions in practice.
Public relations seem to suggest a regulatory sandbox approach combined with a conservative reserve model; however, the market will demand clarity on critical issues like frequency of disclosures, backing verification, and operational frameworks in the event of increased redemption demands.
Governance and neutrality
RMJDT’s launch coincides with the inception of a treasury vehicle intended to bolster network economics and stake tokens to support a substantial portion of validator capacity.
While this can be seen as ensuring stability, it also raises questions regarding the boundary between providing infrastructure support and exerting influence over the system itself.
Adoption
The notion of cross-border trade settlement sounds appealing in promotional materials, but it ultimately hinges on factors such as who holds RMJDT, the provision of liquidity, how FX conversion operates, and whether counterparties favor ringgit exposure on-chain rather than defaulting to US dollars.
Malaysia’s tokenization roadmap indicates an intention for a gradual approach, employing pilots and obtaining feedback rather than expecting immediate results.
Regulatory hurdles
Lastly, RMJDT is introduced in a climate where regulators are tightening the oversight of stablecoin issuance.
The live regime in Hong Kong emphasizes rigorous licensing and transparency, serving as a reminder that mainstream stablecoins in Asia are increasingly associated with supervised issuers, explicit regulations, and minimal tolerance for ambiguous assurances.
What the “royal stablecoin” reveals
So, what insights can be gleaned?
First, it illustrates that local currency stablecoins are being viewed as a fundamental part of infrastructure. The messaging around RMJDT focuses on trade settlement and payments, while incorporating a treasury structure designed for maintaining usability and predictability within the network.
Second, it showcases the developmental sequencing occurring across Asia: discussions of tokenized assets generally precede those focused on tokenized settlement. Malaysia’s central bank is implementing a multi-year tokenization roadmap for the financial sector, making a ringgit-denominated settlement token a natural fit within this progression.
Third, it reveals how the region is differentiating between cryptocurrencies and currencies. Hong Kong has transitioned stablecoin issuance to a licensing framework, Singapore is integrating stablecoin regulations with tokenized bill trials, and Japan structures stablecoin-like assets through regulated issuers. RMJDT aligns with this narrative where credibility, reserves, redemption, and governance are as critical as the underlying technology.
RMJDT exemplifies how conversations are evolving in Asia. Local stablecoins are increasingly being held to the same standards as other payment instruments, with tokenization regarded as a core component of market infrastructure.
The emergence of a ringgit-pegged token supported by a reserve model grounded in cash and government securities, alongside a treasury aimed at ensuring smooth operations, highlights regional priorities: regulated on-chain settlement for tokenized assets.
