Malaysian Crown Prince Launches Ringgit-Backed Stablecoin for Payments

Malaysia's crown prince of Johor has introduced a new stablecoin, RMJDT, pegged to the Malaysian ringgit, to modernize payments in the country.
The stablecoin is backed by cash deposits in ringgit and short-term government bonds.
Bullish Aim, owned by Ismail Ibrahim, will issue the stablecoin on Zetrix blockchain, supporting Malaysia's Blockchain Infrastructure.
An initial investment of 500 million ringgit ($121 million) in Zetrix tokens will fund a planned crypto treasury company.
Malaysia is gradually moving towards a structured crypto environment with regulatory support from Prime Minister Anwar Ibrahim.
Challenges like illegal crypto mining have led to significant losses for the national electricity provider.
Despite challenges, regulated crypto development and user adoption are expected to rise as regulatory clarity improves.