This isn’t a niche crypto experiment. It’s a signal.
Tunku Ismail Sultan Ibrahim, the crown prince of Johor and son of Malaysia’s current king, has unveiled a ringgit-backed stablecoin through his telecom company Bullish Aim. The token, called RMJDT, will be issued on the Zetrix layer-1 blockchain and backed by cash deposits and short-term Malaysian government bonds.
The goal? Turn the ringgit into a programmable, on-chain currency for payments across Asia-Pacific markets.
Why RMJDT Exists
Bullish Aim isn’t positioning RMJDT as just another stablecoin. According to managing director Lion Peh, the ambition is bigger: make RMJDT the default standard for crypto-based transactions in Malaysia.
For businesses, that means faster settlement.
For consumers, simpler payments.
For developers, a native ringgit unit they can build on.
This is about efficiency and control inside a digital economy that’s moving faster than traditional rails.
Regulators Are Watching—Closely
RMJDT isn’t launching in a regulatory vacuum. The project operates inside Malaysia’s regulated sandbox, jointly overseen by the Securities Commission and Bank Negara Malaysia.
The sandbox, which went live in June, is designed to test innovations like programmable payments, local-currency stablecoins, and supply-chain financing. RMJDT fits neatly into that mandate, giving regulators visibility while allowing experimentation.
The announcement frames RMJDT as more than a payments tool. It’s also a strategy to extend the international use of the ringgit, particularly in cross-border trade settlements.
If successful, it could reduce dependence on foreign currencies while making Malaysia more attractive to foreign direct investment. That’s a familiar playbook globally—but rare at the level of direct royal sponsorship.
The $121M Treasury That Changes the Math
Here’s where it gets interesting.
Bullish Aim plans to establish a digital asset treasury company seeded with 500 million ringgit—about $121.5 million—allocated to ZETRIX tokens. The treasury could eventually expand to $243 million.
Ismail compared the structure to Strategy’s Bitcoin treasury model, which has accumulated more than 660,000 BTC since 2020. In his view, holding Zetrix tokens isn’t speculation—it’s about operational stability and aligning with Malaysia’s national blockchain infrastructure.
CoinShares research head James Butterfill has warned that the digital asset treasury trend may be past its peak following the summer 2025 rally. Markets, he says, are now separating companies with real strategic fit from those simply chasing momentum.
That skepticism matters. Investors are no longer impressed by treasuries alone—they want to see utility, integration, and cash flow.
The Bigger Picture
RMJDT sits at the intersection of royal influence, national policy, blockchain infrastructure, and capital markets. It aligns with Malaysia’s Digital Asset National Policy and leverages Zetrix, which underpins the government-backed Malaysian Blockchain Infrastructure launched earlier this year.
For Malaysia, this isn’t just about crypto. It’s about shaping how money moves in a digital-first world—on its own terms.
And when a crown prince backs a stablecoin with real assets, real regulation, and a nine-figure treasury, the rest of the region tends to pay attention.
