Malaysia’s Royal-backed RMJDT: Ringgit Stablecoin Launched for APAC Payments
Bullish Aim Sdn Bhd, owned by Ismail Ibni Sultan Ibrahim of Johor’s royal family, has launched RMJDT, a ringgit-pegged stablecoin aimed at APAC payments and cross-border trade. The initial issuance is 500 million RMJDT (about MYR 500m ≈ $121–122m), backed by Malaysian ringgit cash deposits and short-term Malaysian government bonds. RMJDT will be issued on the Malaysian-built Zetrix blockchain and tied to a Zetrix-token treasury to support operational stability and align with national blockchain initiatives. The project is marketed as a faster, safer and more efficient payments instrument for businesses and consumers. The launch arrives amid accelerating regional stablecoin adoption and regulatory momentum in APAC (Hong Kong, South Korea, Thailand, Philippines) and growing institutional stablecoin use on-chain. Bullish Aim has not disclosed detailed operational or redemption mechanics. The announcement coincides with intensified enforcement in Malaysia against illegal, energy-intensive crypto mining after utilities reported large power-theft losses—an enforcement backdrop that could influence regulatory focus on crypto activity. Key names and keywords: RMJDT, ringgit stablecoin, Bullish Aim, Zetrix, Malaysia stablecoin regulation, APAC payments.
Neutral
The launch of RMJDT is unlikely to create immediate direct price pressure on any major listed cryptocurrency; it is a fiat-backed, ringgit-pegged stablecoin intended for payments and settlement rather than speculation. Short-term impact on RMJDT itself (once tradable) would likely be muted and stability-focused: demand depends on merchant adoption, on/off-ramp liquidity, and trust in reserve audits. The involvement of a high-profile local backer and issuance on domestic infrastructure (Zetrix) supports credibility and could encourage regional usage over time, a modest bullish signal for RMJDT’s adoption but not for broader crypto prices. Conversely, lack of detailed operational or redemption mechanics, unclear custodian/audit arrangements, and concurrent enforcement actions against illegal mining in Malaysia introduce execution and regulatory risks that temper enthusiasm. Over the long term, successful integration into APAC payment rails and clear regulatory alignment could drive steady transactional demand for RMJDT and related on-chain activity; failure to disclose reserves/audits or regulatory pushback could constrain uptake. Overall, the immediate market effect is neutral, with conditional longer-term upside for RMJDT adoption if transparency and regulatory clarity are delivered.