Introduction to RMJDT Stablecoin
Malaysia has taken a significant step into the world of digital finance with the launch of RMJDT, a new ringgit-backed stablecoin. According to Lowyat.NET, this stablecoin is issued by Bullish Aim Sdn Bhd, a company owned by Tengku Mahkota Johor (TMJ), Tunku Ismail Ibni Sultan Ibrahim. The token is pegged to the Malaysian ringgit and backed by cash deposits as well as short-term Malaysian government bonds.
Regulated Sandbox Framework
As reported by CoinLaw, RMJDT is being introduced under a regulated sandbox framework. This framework is overseen by the Securities Commission and Bank Negara Malaysia, allowing for the testing of innovations such as programmable payments, ringgit-backed stablecoins, and supply chain finance in a controlled environment.
Technical Details and Zetrix Blockchain
The RMJDT stablecoin is issued on Zetrix, a national Layer-1 blockchain developed by Zetrix AI Berhad (formerly MY E.G. Services Bhd). Yahoo Finance notes that Zetrix is focused on cross-border integration and is built to connect governments, businesses, and users to Web3.
Digital Asset Treasury Company (DATCO)
A Digital Asset Treasury Company (DATCO) is also being created with an initial allocation of RM500 million ($121.5 million) in Zetrix tokens. As Crypto-Economy explains, this move aims to promote the international use of the ringgit and attract foreign direct investment to Malaysia.
Market Impact and Future Implications
The launch of RMJDT reflects a broader push by Malaysia to modernize its financial infrastructure using blockchain technology. Intellectia highlights that this initiative is one of the most high-profile crypto moves in Southeast Asia this year, amid rising interest in regulated blockchain-based financial tools.
Conclusion and Practical Takeaways
In conclusion, the launch of RMJDT stablecoin marks a significant step for Malaysia in the world of digital finance. With its regulated sandbox framework, technical backing by Zetrix blockchain, and the creation of a Digital Asset Treasury Company, this initiative has the potential to transform the way Malaysia approaches cross-border payments and attracts foreign investment.