Malaysia's Regent Introduces RMJDT Ringgit Stablecoin on Zetrix Blockchain

Launch of RMJDT Stablecoin: Malaysia's Regent of Johor, Tunku Ismail Ibni Sultan Ibrahim, introduced a ringgit-backed stablecoin, RMJDT, aimed at enhancing cross-border payments in the Asia-Pacific region, utilizing the Zetrix blockchain.

Regulatory Framework: The stablecoin operates under Malaysia's regulated sandbox framework, overseen by the Securities Commission and Bank Negara Malaysia, which began in June to explore digital asset applications.

Digital Asset Treasury Company: Bullish Aim plans to establish a Digital Asset Treasury Company with an initial investment of 500 million ringgit ($121 million) in Zetrix tokens, with future expansion to 1 billion ringgit ($243 million).

Impact on the Ringgit: The RMJDT stablecoin seeks to bolster the international use of the ringgit in trade settlements and attract foreign investment, amidst a growing trend of stablecoin adoption in the Asia-Pacific region.