Johor’s ringgit-backed RMJDT stablecoin, launched last month by Bullish Aim Sdn Bhd and chaired by Johor Regent Tunku Ismail Sultan Ibrahim, remains in an early, experimental phase under Malaysia’s regulatory sandbox. Issued by a Malaysia-based telecommunications firm controlled by Tunku Ismail, the token is pegged to the ringgit and reportedly backed by short-term Malaysian government bonds, with oversight from Bank Negara Malaysia. Analysts say its emergence, alongside Singapore’s StraitsX, reflects a broader global trend toward cheaper, faster cross-border transfers. It is not yet available to the general public or for direct investment as regulators monitor progress.
Analysts say RMJDT could be particularly useful for Malaysian companies engaged in international trade and for foreign workers remitting money home, potentially reducing remittance costs. However, concerns over legitimacy, regulatory clarity, and institutional confidence remain key barriers that will require clearer oversight by central banks and regulators in the region. Olive Tree’s Tan notes that adoption will depend on regulatory acceptance, integration with existing payment and foreign-exchange systems, and sufficient liquidity to scale beyond pilots. RMJDT’s royal-linked status could differentiate it from other privately issued stablecoins and bolster confidence among some users.
The coin is issued on Zetrix AI and is interoperable with China’s Xinghuo blockchain, a link-up described by some as a strategic collaboration to position Southeast Asia as a cross-border digital finance hub. This Zetrix-Xinghuo tie-up underscores the close trading relationship between Chinese firms and Johor, and could spur interest in locally pegged stablecoins across the region where most tokens track the US dollar. Regulators in Hong Kong and Singapore have framed stricter standards for stablecoins, highlighting reserves, transparency, and disclosure, which analysts view as a path toward safer cross-border payments. Regulators emphasize that well-regulated stablecoins can play a role in improving cross-border payments, while warning that unregulated stablecoins pose risks.
Singapore’s MAS licensed StraitsX as a Major Payment Institution in July 2024, enabling cross-border transfers, digital payment tokens, and e-money issuance and illustrating how regulated stablecoins can be integrated into merchant payments, though adoption in Malaysia hinges on regulatory approvals and industry buy-in. In May 2025, Hong Kong passed a Stablecoins Ordinance establishing a comprehensive legal regime for fiat-referenced stablecoins, including licensing, reserve rules, and risk management standards. Analysts, including AMRO economists, call for harmonised regional rules to reduce cross-border arbitrage and to support a scalable regime for regional stablecoins in Southeast Asia.
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