TMJ launches ringgit-backed stablecoin for payments
The eldest son of Malaysia’s billionaire king is launching a ringgit-backed stablecoin in the latest example of crypto tokens designed for payments expanding across the Asia-Pacific region.
Bullish Aim Sdn Bhd, chaired and owned by Tunku Mahkota Johor, Tunku Ismail Sultan Ibrahim, the son of Sultan Ibrahim Sultan Iskandar of the Johor royal family, unveiled a stablecoin called RMJDT that’s pegged to the ringgit.
“It will be backed by local-currency cash deposits and short-term Malaysian government bonds,” people with knowledge of the matter said, asking not to be identified.
“Our vision is for this stablecoin to become the standard for crypto-based payments in Malaysia – empowering businesses, consumers, and innovators with a faster, safer, and more efficient way to transact,” Lion Peh, Bullish Aim’s managing director, said in a statement today.
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