Telecommunications firm Bullish Aim announced the launch of the RMJDT stablecoin. The company is owned by the Crown Prince and current Regent of Johor, Tunku Ismail Idris.
The asset will be pegged to the national currency, the ringgit. Issuance will occur on the Zetrix L1 blockchain. The network connects governmental and commercial entities to operate in the Web3 economy, with a focus on the Chinese market.
Simultaneously, Bullish Aim will establish a digital treasury. They have allocated 500 million ringgit (approximately $121.5 million) for the purchase of native ZETRIX tokens. Future plans include doubling these reserves.
The project will be launched within a regulatory sandbox under the supervision of the Securities Commission and the Central Bank of Malaysia. The initiative aims to test programmable payments and supply chain financing.
The primary goal is to expand the use of the ringgit in cross-border transactions and attract foreign investment.
The Regent of Johor described the creation of token reserves as a “strategic necessity.” He cited Michael Saylor’s Strategy as a model to emulate.
Back in December, CoinShares’ Head of Research James Butterfill stated that the hype around corporate crypto treasuries is waning.