Malaysia’s Royal Unveils Ringgit-Backed Stablecoin for APAC Payments

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Malaysia’s Royal Unveils Ringgit-Backed Stablecoin for APAC Payments The new fiat-pegged token arrives as Asia leads global stablecoin use, with over 50% of institutions in the region already on board. By Olivier Acuna | Edited by Oliver Knight Updated Dec 9, 2025, 1:48 p.m. Published Dec 9, 2025, 1:48 p.m. Right) TS Wong, Co-founder of Zetrix and (Left) Dato’ Lion Peh, Managing Director of Bullish Aim Sdn Bhd, exchanging the agreement, witnessed by (Middle) Ismail Ibni Sultan Ibrahim, chair and owner of Bullish Aim Sdn. What to know : Malaysia's king's eldest son launched a ringgit-backed stablecoin, RMJDT, aimed at enhancing cross-border trade and attracting foreign investment in the Asia-Pacific region. The stablecoin, with an initial supply of 500 million tokens, is backed by ringgit cash deposits and short-term local government bonds. The Asia-Pacific region is the fastest-growing market for stablecoins, with 56% of institutions already using them for payments and treasury purposes. In this article DOT DOT $ 2.1209 ◢ 0.69 % Malaysia’s king’s eldest son today unveiled a local currency-backed stablecoin designed for cross-border trade and attracting foreign investment spanning the Asia-Pacific region, according to an official statement. Ismail Ibrahim, owner of telecommunication firm Bullish Aim Sdn, is behind the rollout of the stablecoin called RMJDT, which is pegged to Malaysia’s ringgit. The stablecoin, which will initially have a total supply of 500 million tokens (approximately $121.5 million) will be backed by ringgit cash deposits and short-term local government bonds, his company’s press release added. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . “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,” said Ibrahim in the press release. His company views the RMJDT as a faster, safer and more efficient way to transact, according to the statement. Bullish Aim Sdn did not immediately respond to CoinDesk’s request for further comment The launch of the fiat-pegged token comes amid a series of plans across Asia to push forward stablecoin initiatives this year. Hong Kong leads the pack following the release of stablecoin regulations in July. In October, Circle reported $2.4 trillion in on-chain stablecoin activity across the APAC region between June 2024 and June 2025, noting that it is the fastest-growing market globally. . The company also said the region has the highest adoption rate worldwide, with 56% of institutions in Asia already using stablecoins for payments, settlements, and treasury purposes. Malaysia Stablecoin More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B. View Full Report More For You BMW Taps JPMorgan for First Onchain Programmable FX Payment By Ian Allison | Edited by Stephen Alpher 31 minutes ago The German car giant used JPMorgan’s permissioned Kinexys Digital Payments network to do the FX transaction. What to know : BMW Group unlocks automatic EUR to USD foreign exchange (FX) to support its international treasury management using Kinexys Digital Payments. The first transaction involved automated balance checks, conditional auto-deposits, near real-time FX transactions and transfers between BMW Group’s Blockchain Deposit Accounts in Frankfurt and New York. This milestone marks the first time Kinexys by J.P. Morgan has made an onchain FX payment through pre-defined and fully automated instructions. 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