KUALA LUMPUR: Johor’s regent Tunku Ismail Sultan Ibrahim has launched a ringgit-backed stablecoin, in what is described as the latest example of crypto tokens designed for payments that is gaining ground across the region.
Bullish Aim Sdn Bhd, chaired and owned by Tunku Ismail, unveiled the stablecoin called “RMJDT” which is pegged to the Malaysian ringgit.
The token will be backed by local currency cash deposits and short-term Malaysian government bonds, according to sources familiar with the matter who requested anonymity, reported Bloomberg.
A stablecoin is a cryptocurrency designed to have a stable value by being pegged to an asset such as fiat currency.
“Our vision is for this stablecoin to become the standard for crypto-based payments in Malaysia – empowering businesses, consumers and innovators with a faster, safer and more efficient way to transact,” Lion Peh, Bullish Aim’s managing director, said in a statement on Tuesday (Dec 9).
RMJDT will be issued on Zetrix AI, a blockchain developed by Malaysian company Zetrix AI Bhd.
Zetrix describes itself as a layer-1 public blockchain that supports smart contracts and delivers privacy, security and scalability.