RMJDT: A Royal-Backed Stablecoin at the Intersection of Ringgit and Web3
In December 2025, Malaysia added a new piece to its digital-finance puzzle. Bullish Aim Sdn. Bhd., chaired and owned by Johor’s Crown Prince Tunku Ismail Sultan Ibrahim, launched RMJDT, a stablecoin pegged 1:1 to the Malaysian ringgit (MYR). The token is backed by ringgit cash deposits and short-term Malaysian government bonds and is issued on Zetrix, the layer-1 blockchain powering the government-backed Malaysia Blockchain Infrastructure (MBI).
At first glance, RMJDT might look like just another entry in the global wave of stablecoins. But the design and context matter. This is not a purely private initiative built on a generic public chain. It is a ringgit-denominated token anchored in local reserves, launched by a prominent member of the royal family, and plugged directly into a national blockchain infrastructure designed for government and enterprise use.
That combination makes RMJDT an important case study: it shows how a country can explore on-chain money without abandoning regulatory oversight, existing monetary frameworks or established forms of collateral. For Malaysia, it is also a way to give its domestic currency a stronger digital presence at a time when many on-chain flows are dominated by foreign-currency stablecoins.
1. From Royal Vision to National Sandbox
The launch of RMJDT is not an isolated headline; it is the latest step in a broader Malaysian strategy. Over the past year, the government has activated the Malaysia Blockchain Infrastructure (MBI), a national platform built on Zetrix to support digital identity, trade documentation and other blockchain-based public services. The stablecoin is being rolled out under a regulated sandbox framework, which allows innovation to proceed while authorities gather real-world data on risk and usage.
In this setting, the role of Bullish Aim is central. The company, already active in telecommunications and infrastructure, is positioning RMJDT as a payment rail that can sit on top of MBI and connect to broader Web3 use cases. The presence of Tunku Ismail as chairperson and owner adds a layer of political and symbolic weight: this is not merely a startup experiment but a project closely associated with one of Malaysia’s most high-profile figures.
At the policy level, the move aligns with signals from the federal government. Senior officials, including the Prime Minister, have expressed willingness to encourage responsible digital-asset innovation, provided that financial stability, consumer protection and compliance standards are upheld. In that sense, RMJDT can be seen as a practical manifestation of a “regulated innovation” approach: the country is not trying to avoid digital assets, but to shape how they evolve within its borders.
2. How RMJDT Is Structured: Peg, Reserves and Chain
RMJDT’s design closely mirrors the more conservative end of the global stablecoin spectrum. Each unit of RMJDT is intended to be fully backed by a combination of ringgit cash deposits and short-term Malaysian government bonds. This structure resembles the reserve models used by some large fiat-backed stablecoins internationally, but with a key difference: the reserves are denominated in the same currency as the token and are tied to domestic sovereign instruments rather than foreign assets.
The logic behind that structure is straightforward. Cash deposits provide immediate liquidity for redemptions, while short-term government bonds add yield and keep reserves in instruments that are conventionally regarded as highly secure within the local context. For regulators and users alike, this is easier to understand than complex portfolios of long-dated securities or riskier debt instruments. It anchors the token to the existing monetary system rather than creating a parallel universe of collateral.
On the technology side, RMJDT is issued on Zetrix, a public layer-1 blockchain co-developed by Malaysian stakeholders and already used for government projects under MBI. Zetrix supports smart contracts and cross-chain interoperability while remaining closely aligned with public-sector requirements such as identity integration and auditable records. That gives RMJDT an immediate advantage compared with standalone experiments: the stablecoin can plug into digital ID, trade documentation and other services that MBI is designed to host.
3. Why Malaysia Wants a Native Ringgit Stablecoin
Globally, most stablecoin volume is still dominated by US dollar-pegged tokens. For Malaysian users and businesses, that has meant a simple reality: if you want to interact with on-chain finance, it is often more convenient to use foreign-currency stablecoins than the local currency. Over time, that can weaken the role of the ringgit in digital markets, even if it remains central in the traditional banking system.
RMJDT is one answer to that challenge. By giving the ringgit a native, programmable representation on a widely accessible blockchain, Malaysia can keep more digital activity denominated in its own currency. That has several potential benefits: local businesses can settle invoices and payroll on-chain without taking unnecessary exchange-rate risk; fintechs can build ringgit-based products without relying on offshore currency rails; and policymakers gain a clearer view of ringgit activity in digital form.
There is also a strategic dimension. As other Asian financial centres experiment with local-currency stablecoins and tokenised deposits, Malaysia risks being left behind if it does not have its own credible offerings. RMJDT provides a way to experiment with digital money in a controlled environment while still supporting broader goals such as cross-border trade, regional integration and the development of a domestic Web3 ecosystem.
4. Payments, Trade and the “National Rail” Use Case
Bullish Aim has articulated an ambitious vision: RMJDT should become a standard for crypto-based payments in Malaysia. That does not simply mean replacing credit cards or existing e-wallets overnight. Instead, the stablecoin is being positioned as a foundational asset that can sit beneath multiple applications and channels, from retail wallets to B2B trade platforms.
In domestic commerce, a ringgit stablecoin can support near-instant settlement between merchants, platforms and service providers. Rather than waiting for interbank transfers to clear, parties can settle in RMJDT on-chain, with finality determined by the underlying blockchain. This can be particularly powerful for sectors with high transaction volumes and tight margins, such as e-commerce marketplaces, logistics and gig-economy platforms.
For cross-border flows, RMJDT’s potential lies in its link to the Malaysia Blockchain Infrastructure. Trade documents, customs forms and supply-chain data that already live in digital form can be linked to RMJDT payments, allowing exporters and importers to move value and information together. In theory, a Malaysian exporter could receive payment in RMJDT while simultaneously presenting tokenised documentation on Zetrix, reducing settlement friction and improving transparency.
5. The Interplay With Malaysia’s National Blockchain Infrastructure
RMJDT’s choice of platform is not incidental. Zetrix serves as the core layer-1 for the Malaysia Blockchain Infrastructure, a government-backed initiative aimed at supporting digital ID, trade, and e-government services. That means the stablecoin lives in the same “digital neighbourhood” as public-sector applications and enterprise integrations.
This co-location matters for three reasons. First, it allows more seamless integration with national identity systems and compliance frameworks. Know-your-customer processes, licensing checks and transaction reporting can be designed around shared infrastructure rather than improvised for each application. Second, it increases the potential utility of RMJDT in non-speculative contexts: if trade facilitation, land registries or licensing systems are built on MBI, then using RMJDT as the payment asset in those workflows becomes much more natural.
Third, it signals that Malaysia sees blockchain not just as an investment theme but as a piece of public infrastructure. By letting a ringgit-backed stablecoin operate within that infrastructure, the country is effectively testing how public and private roles can be combined: a royal-backed issuer, a national blockchain backbone and a regulatory sandbox all interacting in a coordinated way.
6. Benefits and Opportunities – With a Long-Term Lens
If RMJDT succeeds, several types of users stand to benefit. For consumers, the main advantage is convenience: faster payments, potentially lower transaction costs and the ability to interact with on-chain applications using a familiar currency. For businesses, especially small and medium-sized enterprises, a ringgit stablecoin can reduce reconciliation complexity between on-chain and off-chain financial systems and enable new business models, such as always-on settlement or automated revenue sharing.
For developers and fintechs, RMJDT offers a programmable building block. It can be integrated into smart contracts that automate payroll, subscription billing, loyalty systems or escrow arrangements. Because the token is designed to be ringgit-stable and backed by traditional reserves, it may be easier to explain to mainstream users compared with more volatile digital assets.
Finally, for policymakers, a regulated, ringgit-backed stablecoin creates a real-time laboratory. It allows them to observe how on-chain money moves, where bottlenecks appear and which sectors adopt it most quickly. Those insights can feed back into broader decisions around digital identity, open finance and, eventually, the relationship between stablecoins and any future central bank digital currency (CBDC) exploration.
7. Risks, Governance and Open Questions
None of these benefits are guaranteed, and a responsible assessment requires looking at the risks and unknowns. Even with high-quality reserves, stablecoins depend on governance, transparency and operational discipline. Users will want clear disclosures on where reserves are held, how often they are audited, and under what conditions they can redeem tokens back to ringgit.
There are also macro-level questions. Malaysia has historically been cautious about capital flows and currency volatility. Introducing a ringgit stablecoin adds flexibility but may also require careful coordination with the central bank and other regulators to ensure that on-chain circulation does not undermine existing safeguards. In practice, limits, licensing rules and reporting obligations are likely to play an important role in how RMJDT is used in cross-border contexts.
Technology and ecosystem risks also exist. Zetrix and MBI must maintain robust security, uptime and performance to support a payment asset at scale. Governance structures around upgrades, fee models and integration with other chains will all influence how comfortable institutional users feel when integrating RMJDT into their own systems. None of these challenges are unique to Malaysia, but the way they are handled will shape confidence in the project.
8. RMJDT in the Global Stablecoin Landscape
RMJDT is launching into a world where stablecoins have already become a core part of the digital asset ecosystem. Global research indicates that the market for fiat-backed stablecoins could reach hundreds of billions of dollars within the next few years, with much of the current demand still tied to trading and liquidity provision rather than everyday payments. In that context, a ringgit-denominated token might seem like a small player.
However, the strategic value of local-currency stablecoins is not just about size; it is about function. A credible, well-governed ringgit stablecoin can serve as a bridge between Malaysia’s domestic financial system and global digital networks, even if its market capitalisation remains modest compared to large US dollar tokens. It can also act as a template for how mid-sized economies can participate in Web3 without surrendering control of their monetary frameworks.
RMJDT also reflects a broader shift: stablecoins are increasingly being viewed not only as tools within the digital asset ecosystem but as building blocks for programmable finance more generally. As tokenisation of real-world assets, trade documents and financial instruments accelerates, the need for equally programmable, currency-denominated settlement layers will grow. RMJDT positions the ringgit to be part of that conversation rather than watching from the sidelines.
9. What It Means for Builders and Users in Malaysia
For Malaysian builders, the arrival of RMJDT changes the design space. A startup building an on-chain payroll solution can now pay staff in a ringgit-denominated token instead of a foreign currency that would expose employees to exchange-rate risk. A logistics platform can settle fees in RMJDT while tying each payment to digital documentation stored on Zetrix. A retail app can offer loyalty rewards denominated in a stable, local currency that is instantly transferable and programmable.
For users, success will ultimately be judged on practical experience: is it easy to acquire and redeem RMJDT, are transaction costs reasonable, and do real-world applications exist that solve genuine pain points? If the stablecoin remains a niche tool used only within a narrow circle of enthusiasts, its impact will be limited. But if it quietly becomes part of how people pay, save small amounts, and interact with digital services, it could reshape how the ringgit is perceived in the digital age.
Conclusion: A Small Token With Big Questions Behind It
RMJDT is, in purely technical terms, just another token on a blockchain. Yet the forces behind it – a royal-backed issuer, a national blockchain infrastructure and a policy environment that favours regulated experimentation – make it an important signal. Malaysia is not content to be a passive observer in the evolution of digital money; it is actively testing how its national currency can live natively on-chain while remaining tied to familiar forms of collateral and oversight.
Whether RMJDT ultimately becomes the standard payment rail its sponsors envision will depend on adoption, governance and integration with both domestic and international financial systems. But even in its early days, the project offers a valuable lens on the future: a world in which national currencies, stablecoins, tokenised assets and public blockchains interact in increasingly complex ways. For observers inside and outside Malaysia, the key is not to see RMJDT as an endpoint, but as the opening chapter in a longer story about how sovereign money adapts to the infrastructure of the digital era.
Educational note: This article is for informational and analytical purposes only. It does not constitute financial, investment, legal or tax advice. Readers should conduct their own research and, where appropriate, consult qualified professionals before making any financial or business decisions.
