The eldest son of Malaysia’s billionaire king is launching a stablecoin pegged to the nationwide forex, concentrating on funds throughout the Asia-Pacific area.
Bullish Intention, a telecom firm owned by Ismail Ibrahim, the son of Sultan Ibrahim Iskandar of the Johor royal household, on Tuesday introduced the launch of RMJDT, a brand new stablecoin backed by the Malaysian ringgit, the nation’s fiat forex.
The stablecoin is about to be issued on Zetrix, a layer-1 blockchain designed to attach governments, companies and people to the Web3 economic system with a concentrate on cross-border integration, notably in China.
Along with launching the stablecoin, Bullish Intention can even set up a digital asset treasury (DAT) firm with an preliminary treasury allocation of 500 million ringgit ($121.5 million) in Zetrix (ZETRIX) tokens, the announcement stated.
Stablecoin launch below Malaysia’s regulatory sandbox
Based on the announcement, RMJDT is launched below Malaysia’s regulated sandbox framework by the Securities Fee and Financial institution Negara Malaysia, aiming to check monetary improvements, together with stablecoins.
Launched in June, the sandbox goals to discover digital asset use circumstances corresponding to programmable funds, ringgit-backed stablecoins and provide chain financing.
“RMJDT is designed to strengthen the worldwide use of the Malaysian ringgit in cross-border commerce settlements and to behave as a catalyst for attracting elevated international direct funding into Malaysia,” the announcement reads, including that the initiative aligns with international tokenization tendencies and immediately helps Malaysia’s Digital Asset Nationwide Coverage.
DAT modeled after MicroStrategy: Has the DAT bubble burst?
Addressing its $121 million Zetrix DAT, Bullish Intention stated it plans to extend the treasury to $243 million.
Bullish stated the DAT is modeled after international precedent-setters like Michael Saylor’s Technique, which has collected 660,624 Bitcoin (BTC) on its stability sheet since saying its Bitcoin technique in 2020.
“Because the issuer of RMJDT, we view the institution of a Zetrix-token treasury as a strategic necessity — each to help operational stability and to deepen alignment with the nationwide blockchain,” Ismail stated.
Bullish Intention is getting into the DAT sector as many firms with digital asset treasuries face struggles. Ismail’s reported $2.7 billion Singapore land sale bid in August reveals how cash-rich gamers proceed to wager massive regardless of rising considerations over Technique copycats.
Based on CoinShares head of analysis, James Butterfill, the DAT bubble might have already burst following a rally in the summertime of 2025.
Associated: Digital asset treasury growth stalls as flows drop to $1.3B and shares tumble
“Because the bubble deflates, the market is re-evaluating which firms genuinely match the DAT mannequin and which had been merely driving momentum,” Butterfill stated in a DAT replace final week.
He additionally instructed that the way forward for DATs might be linked to fundamentals corresponding to disciplined treasury administration, credible enterprise fashions and life like expectations in regards to the position of digital belongings on company stability sheets.
Cointelegraph approached Bullish Intention for remark relating to its stablecoin and DAT plans, however had not obtained a response on the time of publication.
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