Johor's Regent Unveils New Ringgit-Pegged Digital Currency to Transform Regional Payments

Southeast Asia witnessed a landmark crypto development this week as Malaysia’s Johor Crown Prince Ismail Ibrahim, through his company Bullish Aim Sdn., introduced RMJDT—a digital asset engineered to function as a blockchain-native payment instrument backed by the Malaysian ringgit.

A Ringgit-Backed Innovation

The RMJDT stablecoin represents a strategic shift in how Malaysia approaches cryptocurrency infrastructure. Rather than operating as a speculative asset, the token is collateralized by ringgit-denominated cash reserves and short-term Malaysian government securities, ensuring stability for everyday transactions.

Managing Director Lion Peh outlined the vision: RMJDT will provide businesses, consumers, and tech entrepreneurs with a faster, more transparent, and cost-efficient payment mechanism suited to Malaysia’s digital economy. This positions the stablecoin not merely as a technical experiment but as practical infrastructure for commercial activity.

Built on Native Blockchain Infrastructure

The token will be issued through Zetrix, a blockchain platform developed by Malaysian firm Zetrix AI Bhd. Notably, Zetrix operates within the Malaysian Blockchain Infrastructure—a government-sponsored digital ecosystem launched in April to foster trusted innovation.

Bullish Aim’s expansion strategy includes establishing a digital treasury entity, with an initial deployment of 500 million ringgit ($121 million USD) allocated toward Zetrix token reserves, signaling long-term commitment to the ecosystem.

Malaysia’s Regulatory Transformation

This initiative reflects a broader policy shift. Prime Minister Anwar Ibrahim has championed coordination between the Securities Commission and Bank Negara Malaysia (the central bank) to cultivate a balanced regulatory environment where innovation and consumer protection coexist.

However, challenges persist. Unauthorized cryptocurrency mining operations have drained an estimated $1.1 billion in electricity over five years, with authorities recovering hundreds of millions in illicit power consumption since 2018. Despite these obstacles, the government’s focus on tokenized assets and stablecoin-based financial infrastructure signals intent to channel crypto activity toward legitimate channels.

Market Implications

As regulatory frameworks crystallize across Southeast Asia, industry observers project accelerating adoption among Malaysian users and businesses. The RMJDT launch exemplifies how state-level backing combined with technical infrastructure can legitimize digital currencies, positioning Malaysia as a regional leader in regulated blockchain finance.