Tunku Ismail Ibni Sultan Ibrahim, the crown prince of Johor, introduced a new stablecoin, RMJDT, pegged to the Malaysian ringgit, on December 8.
This digital asset runs on Zetrix, the main Layer-1 blockchain developed as part of Malaysia’s national digital infrastructure plans.
The launch took place during a formal ceremony in Johor Bahru attended by state officials and industry participants.
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Along with the new stablecoin, a $121 million digital asset treasury has been established to back the project. According to details from the launch, the initiative aims to leverage blockchain for government-related finance and create new models for digital asset management.
The treasury model is based on how companies, such as Strategy, build up reserves of digital assets to support their projects and strategies.
RMJDT will be issued and managed with full support from state authorities. Its design and mechanism are intended to work closely with regulatory agencies and fit with the country’s digital and financial roadmaps.
The project’s connection with official bodies was emphasized throughout the launch event, with the rollout expected to integrate with existing government systems and future blockchain plans for the state.
RMJDT differs from previous digital token launches in the country by involving both state leaders and royal figures.
Recently, Bank Indonesia, the country’s central bank, announced plans to launch a stablecoin backed by government bonds. What did Governor Perry Warjiyo say? Read the full story.
