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Firm owned by Johor Regent launches ringgit-backed stablecoin
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Bullish Aim Sdn Bhd, chaired and owned by the Regent of Johor, Tunku Ismail Sultan Ibrahim, has launched RMJDT, a ringgit-backed stablecoin issued on Zetrix.
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Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. It is developed by Zetrix AI Bhd, formerly MyEG Services Bhd.
Zetrix said RMJDT is being rolled out under a regulated digital asset sandbox, positioning it as a tool to enhance the international use of the ringgit in cross-border trade settlements and attract greater foreign direct investment.
"The initiative aligns with global tokenisation trends and directly supports Malaysia's Digital Asset National Policy," the company said in a statement filed to Bursa Malaysia.
In tandem with the stablecoin launch, Bullish Aim will establish a Digital Asset Treasury Company (Datco) with an initial allocation of RM500 million in Zetrix tokens.
The fund is expected to grow to RM1 billion and is modelled after global precedents such as MicroStrategy and Bitmine Immersion.
It will also help stabilise network gas fees for RMJDT transactions and stake Zetrix tokens to support up to 10 per cent of validator nodes within the Malaysia Blockchain Infrastructure.
In simple terms, this means Datco will hold and manage Zetrix tokens to keep transaction fees stable and support the network's validation capacity.
"As the issuer of RMJDT, we view the establishment of a Zetrix-token treasury as a strategic necessity – both to support operational stability and to deepen alignment with the national blockchain," the Regent of Johor said in the statement.
Zetrix said the dual initiatives reflect Johor's push to drive digital innovation across blockchain, trade infrastructure and economic development.
It added that they are being carried out within Malaysia's approved sandbox framework to ensure compliance, transparency and national oversight.
Article by Business Times
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