Johor has created new history in the country's digital economy after introducing RMJDT, the first stablecoin backed by the ringgit currency.
The cryptocurrency was launched on the Zetrix blockchain, a major platform under the Malaysia Blockchain Infrastructure (MBI).
According to Zetrix, this effort is led by Bullish Aim Sdn Bhd owned by the Regent of Johor, Tunku Mahkota Ismail, and is implemented through the country's digital asset 'sandbox' framework to ensure compliance, transparency and gradual regulation.
The company also explained that this move is in line with the global trend towards asset tokenization and blockchain-based digital economic transformation.
RMJDT was developed to strengthen the use of the ringgit currency in cross-border trade settlements, thus opening up new avenues to attract foreign investors to Malaysia.
In addition, Bullish Aim has also established a digital asset treasury company, Digital Asset Treasury Company (DATCO), with an initial fund of RM500 million in the form of Zetrix tokens to support the implementation of the stablecoin.
DATCO will also staking Zetrix tokens to support 10% of validator nodes in MBI, thus strengthening the resilience of the country's Web3 ecosystem and increasing network security.
As the founder of RMJDT, Tunku Ismail stressed the importance of the token treasury to align long-term plans with the country's blockchain infrastructure, as well as ensuring the stability of the stablecoin.
