The eldest son of Malaysia’s king today unveiled a local currency-backed stablecoin designed for cross-border trade and to attract foreign investment to the Asia-Pacific region, according to an official statement.
Ismail Ibrahim, owner of telecommunications company Bullish Aim Sdn, is behind the deployment of the stablecoin called RMJDT, which is pegged to the Malaysian ringgit. The stablecoin, which will initially have a total supply of 500 million tokens (around $121.5 million), will be backed by ringgit cash deposits and short-term bonds of local governments, his company’s press release adds.
“As the issuer of the RMJDT, we view the creation of a Zetrix token treasury as a strategic necessity, both to support operational stability and to deepen alignment with the national blockchain,” Ibrahim said in the press release. His company views RMJDT as a faster, safer and more efficient way to transact, according to the release. Bullish Aim Sdn did not immediately respond to CoinDesk’s request for additional comment
The launch of the fiat token is part of a series of projects in Asia to advance stablecoin initiatives this year. Hong Kong is leading the pack after stablecoin regulations were released in July.
In October, Circle reported $2.4 trillion in on-chain stablecoin activity in the APAC region between June 2024 and June 2025, noting that it is the fastest growing market in the world. The company also said the region has the highest adoption rate in the world, with 56% of institutions in Asia already using stablecoins for payment, settlement and treasury purposes.
