The digital asset sector in Malaysia has received a notable impetus following the formal launch of a ringgit-backed stablecoin and a substantial crypto-treasury plan, spearheaded by His Royal Highness Tunku Ismail Ibni Sultan Ibrahim, the Regent of Johor.
The Crown Prince, through his company Bullish Aim Sdn. Bhd., unveiled RMJDT, a ringgit-backed stablecoin issued on Zetrix, the Layer-1 blockchain that powers Malaysia’s national Blockchain Infrastructure.
The rollout occurred under the supervision of the country’s regulatory sandbox, which is jointly overseen by the Securities Commission and Bank Negara Malaysia (BNM) to facilitate the testing of financial innovations.
The RMJDT stablecoin is intended to bolster the ringgit’s role in cross-border settlements and attract foreign direct investment, aligning with Malaysia’s push toward tokenization and digital asset modernization.
Alongside the stablecoin launch, Bullish Aim confirmed the establishment of a Digital Asset Treasury Company. This treasury will be initiated with 500 million ringgit (approximately $121 million) in Zetrix tokens, with plans to expand the reserve to one billion ringgit over time.
The Regent of Johor stated the treasury is necessary to ensure predictable operations, supporting up to 10% of validator nodes within the national blockchain and stabilizing gas fees for RMJDT transactions.
This strategy draws inspiration from large corporate crypto treasuries, notably the approach pioneered by Strategy, which has acquired hundreds of thousands of Bitcoin since 2020.
Timing Amid Global Slowdown
The launch places Johor’s initiative within a regional trend of increasing digital asset adoption, even as the global corporate crypto treasury sector shows signs of fatigue.
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Regional Activity: Malaysia has seen several recent digital asset treasury announcements, including VCI Global’s plan to acquire $100 million worth of tokens to fold into its AI and fintech platforms.
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Regulatory Reform: Regulators in Malaysia are accelerating reforms to support a more active ecosystem, with the Securities Commission proposing rule overhauls to allow certain tokens to be listed without prior approval.
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Global Concerns: Data from DefiLlama indicates corporate crypto treasury inflows recorded their slowest month of the year in November, falling sharply from earlier peaks. Market analysts have described the sector as entering a “Darwinian phase,” with some treasury-backed stocks trading at deep discounts.
Despite these global concerns, the Crown Prince emphasized that the initiative aligns with Johor’s effort to follow the country’s Digital Asset National Policy, which encourages real-world asset tokenization and experiments in supply-chain finance.
