The heir to Malaysia’s billionaire throne is set to launch a stablecoin linked to the national currency, aiming to facilitate transactions across the Asia-Pacific region.
Bullish Aim, a telecom enterprise led by Ismail Ibrahim, son of Sultan Ibrahim Iskandar from the Johor royal lineage, announced the release of RMJDT, a fresh stablecoin that is backed by the Malaysian ringgit, the country’s official currency.
This stablecoin is scheduled for issuance on Zetrix, a layer-1 blockchain aimed at linking governments, businesses, and individuals to the Web3 economy, focusing particularly on cross-border connections, especially with China.
Besides the stablecoin, Bullish Aim is set to create a digital asset treasury (DAT) company with an initial treasury allocation of 500 million ringgit ($121.5 million) in Zetrix (ZETRIX) tokens, according to the announcement.
Stablecoin launch within Malaysia’s regulatory sandbox
The announcement reveals that RMJDT is being launched under the regulatory sandbox framework established by the Securities Commission and Bank Negara Malaysia, with the goal of testing financial innovations, including stablecoins.
Launched in June, the sandbox seeks to explore various digital asset applications like programmable payments, ringgit-backed stablecoins, and supply chain financing.
“RMJDT aims to enhance the global utilization of the Malaysian ringgit in international trade and stimulate increased foreign direct investment into Malaysia,” the announcement states, highlighting that this initiative aligns with global tokenization trends and supports Malaysia’s Digital Asset National Policy.
DAT modeled after MicroStrategy: Is the DAT bubble deflating?
Regarding its $121 million Zetrix DAT, Bullish Aim indicates plans to expand the treasury to $243 million.
The company noted that the DAT is inspired by global leaders like Michael Saylor’s firm, which has amassed 660,624 Bitcoin (BTC) since the announcement of its Bitcoin strategy in 2020.
“As the issuer of RMJDT, establishing a Zetrix-token treasury is a strategic essentiality — for both operational stability and to reinforce alignment with the national blockchain,” Ismail stated.
Bullish Aim enters the DAT field amid struggles faced by many companies with digital asset treasuries. Ismail’s reported a $2.7 billion bid for a land sale in Singapore in August, illustrating how cash-rich entities continue to invest heavily despite rising concerns over Strategy imitators.
James Butterfill, head of research at CoinShares, noted that the DAT bubble might have already burst following a surge in Summer 2025.
Related: Digital asset treasury boom slows as investments drop to $1.3B and stocks decline
“As the bubble contracts, the market is reassessing which companies genuinely suit the DAT framework and which were merely riding the wave,” Butterfill stated in a recent DAT update.
He further suggested that the success of DATs will rely on fundamentals such as responsible treasury management, credible business models, and realistic expectations about the role of digital assets in corporate finances.
While Cointelegraph attempted to reach out to Bullish Aim for comments on its stablecoin and DAT initiatives, no response was available by the time of publication.
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