Malaysian Crown Prince-backed telecom company Bullish Aim launches ringgit stablecoin RMJDT

Foresight News reported, citing Bloomberg, that the eldest son of the King of Malaysia is launching a stablecoin pegged to the country's fiat currency, targeting the cross-border payments market in the Asia-Pacific region. Telecom company Bullish Aim announced on Tuesday the launch of RMJDT—a new stablecoin backed by the Malaysian ringgit. The company is owned by Prince Ismail Ibrahim, a member of the Johor royal family and the current King of Malaysia. The stablecoin will be issued on the Layer 1 blockchain Zetrix. In addition to issuing the stablecoin, Bullish Aim will establish a Digital Asset Treasury (DAT) company and allocate 500 million ringgit (approximately $121.5 million) worth of Zetrix (ZETRIX) tokens as the initial treasury asset allocation.