Ringgit stablecoin RMJDT is making waves as Malaysia’s crown prince takes a significant step forward in the digital currency realm. This new stablecoin, pegged to the Malaysian ringgit, is set to transform payment systems across the Asia-Pacific region. Spearheaded by Bullish Aim, a telecom company owned by Ismail Ibrahim, the son of Sultan Ibrahim Iskandar of the Johor royal family, the stablecoin aims to bolster the use of the ringgit in international trade.
Introduction of RMJDT on Zetrix
The ringgit stablecoin will be issued on Zetrix, a layer-1 blockchain known for its seamless integration with the Web3 economy. This blockchain is particularly focused on enhancing cross-border connections, notably with China. By leveraging Zetrix, RMJDT is poised to streamline financial transactions and digital asset exchanges, aligning with global tokenization trends.
Zetrix Treasury: A Strategic Digital Asset
Bullish Aim is not only launching a stablecoin but is also establishing a digital asset treasury (DAT) with an initial allocation of 500 million ringgits ($121.5 million) in Zetrix tokens. The Zetrix treasury is designed to support operational stability and enhance alignment with Malaysia’s national blockchain strategy.
Operating within Regulatory Frameworks
The RMJDT stablecoin’s launch is part of Malaysia’s regulatory sandbox, overseen by the Securities Commission and Bank Negara Malaysia. This framework is crafted to test financial innovations, including stablecoins, programmable payments, and supply chain financing. The initiative aims to increase foreign direct investment and strengthen the Malaysian ringgit’s role in global trade.
Comparison to MicroStrategy’s Model
Bullish Aim’s digital asset treasury draws parallels with MicroStrategy’s Bitcoin strategy, which has been a forerunner in digital asset accumulation. Despite the challenges faced by similar ventures, Bullish Aim plans to expand its treasury to $243 million, reflecting a robust commitment to the digital asset economy.
Future Prospects and Market Dynamics
As the Zetrix treasury evolves, industry experts like James Butterfill from CoinShares highlight the necessity of disciplined treasury management and realistic business models. The future of digital asset treasuries will hinge on these fundamentals, especially in a market re-evaluating the viability of different digital asset strategies.
Cointelegraph reached out to Bullish Aim for comments on their stablecoin and treasury plans, but no response was received by publication time.
