Johor Regent Launches RMJDT Stablecoin to Boost Ringgit's Global Role

Malaysia's Regent of Johor, Tunku Ismail Ibni Sultan Ibrahim, has launched a ringgit-backed stablecoin called RMJDT, aiming to modernize cross-border payments. Issued on the Zetrix blockchain, the stablecoin is supported by cash deposits and short-term Malaysian government bonds. The move is part of a broader strategy to strengthen the ringgit's role in international trade and attract foreign investment.

The RMJDT stablecoin operates under Malaysia's regulated digital asset sandbox framework, overseen by the Securities Commission and Bank Negara Malaysia. This framework, launched in June 2025, facilitates testing of digital asset use cases, including supply chain financing and programmable payments. It reflects the country's growing openness to regulated crypto innovation.

Bullish Aim, the company behind RMJDT, plans to establish a Digital Asset Treasury Company with an initial allocation of 500 million ringgit in Zetrix tokens. The treasury aims to support up to 10% of validator nodes within Malaysia's Blockchain Infrastructure. According to reports, the company also intends to expand the treasury to 1 billion ringgit in the future.

Strategic Implications for Malaysia

The RMJDT stablecoin is part of a regional trend toward digital asset adoption, with Asia-Pacific institutions leading the way. According to Circle data, 56% of institutions in the region already use stablecoins for payments and treasury purposes. On-chain activity in the region reached $2.4 trillion between June 2024 and June 2025.

Malaysia's Prime Minister Anwar Ibrahim has expressed support for responsible crypto innovation, aligning with the national Digital Asset Policy. The launch of RMJDT follows recent regulatory developments in Hong Kong and reflects Malaysia's effort to integrate digital assets into its financial system. Zetrix, the blockchain supporting RMJDT, was developed by Zetrix AI Bhd and forms part of the Malaysian Blockchain Infrastructure.

Financial and Market Considerations

Bullish Aim's Managing Director, Lion Peh, emphasized that RMJDT aims to become the standard for crypto-based payments in Malaysia. The stablecoin is expected to improve transaction efficiency for businesses and consumers. The treasury model is inspired by companies like MicroStrategy, which have invested heavily in digital assets.

Zetrix tokens currently trade around $12.60, a significant decline from their peak above $20 a year ago. The token's value and usage will be key indicators of the RMJDT initiative's success. Market analysts will closely watch how the stablecoin affects the broader crypto landscape in Southeast Asia.

Regulatory and Competitive Landscape

Malaysia's banking sector is tightly regulated, but recent developments suggest a shift toward greater openness. For instance, Singapore's DBS Bank is in talks to acquire a stake in Alliance Bank, a move that could reshape the country's competitive dynamics. The central bank, Bank Negara Malaysia, holds significant influence over financial regulations and has been cautious in approving new initiatives.

Meanwhile, the Regent of Johor's RMJDT is part of a broader push to modernize financial infrastructure. The stablecoin's success will depend on regulatory support, market adoption, and the ability to demonstrate tangible benefits for cross-border trade and investment. If it gains traction, RMJDT could serve as a model for other countries in the region seeking to integrate digital assets into their economies.