Malaysian billionaire king Ibrahim Iskandar’s son launches stablecoin backed by ringgit

The token, RMJDT, will be supported by ringgit cash reserves and short-term Malaysian government bonds, according to people familiar with the project, as reported by Bloomberg.

A symbolic Bitcoin coin can be seen on a laptop in front of a Bitcoin chart. Photo by dpa Picture-Alliance via AFP

The stablecoin is set to be issued on Zetrix, a blockchain created by Malaysian company Zetrix AI Bhd that serves as the foundation for the government-backed Malaysian Blockchain Infrastructure platform.

Lion Peh, managing director at Bullish Aim, said the company envisions RMJDT becoming Malaysia's standard for crypto-based transactions.

The token aims to provide businesses, consumers, and innovators with improved transaction efficiency, according to CoinMarketCap.

A stablecoin is a type of cryptocurrency designed to maintain a fixed value by being backed or pegged to a real-world asset such as the U.S. dollar or other currencies.

Bullish Aim Sdn also intends to launch a digital-asset treasury venture, beginning with an investment of MYR500 million (US$121 million) in Zetrix tokens.

Ismail Ibrahim the Regent of Johor and son of Malaysian King Ibrahim Iskandar. Photo by AFP

Ismail, 41, is the Regent of Johor. The royal family’s fortune is estimated at about US$5.7 billion last year, with their Singapore estate accounting for a huge portion of that wealth.

The launch of the RMJDT stablecoin comes as Malaysia gradually moves toward a more structured cryptocurrency landscape.

Prime Minister Anwar Ibrahim has backed closer cooperation among regulators, including the Securities Commission and the central bank, to promote "healthy innovation" in the industry, as reported by Coinspeaker.

Yet the country continues to grapple with challenges such as illicit crypto mining, which has caused $1.1 billion in losses for the national electricity provider over the past five years.