Malaysia Crown Prince-Linked Bullish Aim Issues Ringgit-Pegged Stablecoin RMJDT, Launches RM500M Zetrix Reserve
Bullish Aim, a telecom company linked to Johor Crown Prince Tunku Ismail Ibni Sultan Ibrahim, has launched RMJDT, a Malaysian ringgit (MYR)-pegged stablecoin issued on the Zetrix Layer-1 blockchain. RMJDT will be backed 1:1 by MYR cash deposits and short-term government bonds and will operate inside Malaysia’s regulatory sandbox overseen by the Securities Commission and Bank Negara to trial programmable payments and ringgit-backed stablecoins. To support issuance and network operations, Bullish Aim also established a Digital Asset Treasury (DAT) initially funded with MYR 500 million (≈USD 121.5 million) in Zetrix tokens, with plans to expand reserves to MYR 1 billion. The DAT will stake Zetrix tokens to support up to 10% of Zetrix validator nodes and help stabilise RMJDT gas fees. The initiative is pitched to facilitate cross-border trade settlement, attract foreign direct investment and align with Malaysia’s national digital asset policy. Market observers warn that enthusiasm for corporate DATs has cooled after market rebounds and scrutiny of imitators; analysts stress the need for strong treasury management, transparent reserves and clear business fundamentals. Bullish Aim had not responded to requests for comment at the time of reporting.
Neutral
The short-term price impact on Zetrix (the blockchain token) is likely neutral. Positive factors include a large initial allocation (MYR 500M) to Zetrix tokens and staking that supports up to 10% of validator nodes, which could increase demand and on-chain utility for Zetrix. RMJDT issuance may also create predictable transactional volume and gas fee usage on Zetrix. Offsetting these are risks that temper immediate bullish pressure: the DAT holds native tokens rather than fiat reserves, exposing backing credibility and regulatory scrutiny; market interest in corporate reserve strategies has cooled; and traders may await audited reserve details and clear treasury rules before bidding tokens higher. In the short term, expect modest buying interest for ZETRIX-related liquidity but limited price appreciation until transparency and operational metrics (backing audits, token lockups, staking terms) are published. Long term, if RMJDT gains adoption for cross-border trade and the DAT maintains prudent management, Zetrix could see sustained demand and network effects. Conversely, any doubts about 1:1 backing or misuse of reserves could be bearish. Overall, immediate impact is neutral with conditional upside if execution is transparent and credible.