Malaysia’s Royal Unveils Ringgit-Backed Stablecoin for APAC Payments

Core Insights - Malaysia's king's eldest son has introduced a local currency-backed stablecoin aimed at enhancing cross-border trade and attracting foreign investment in the Asia-Pacific region [1] - The stablecoin, named RMJDT, is pegged to the Malaysian ringgit and will have an initial total supply of 500 million tokens, equivalent to approximately $121.5 million, backed by ringgit cash deposits and short-term local government bonds [2] - The issuer, Bullish Aim Sdn, views RMJDT as a strategic necessity for operational stability and alignment with national blockchain initiatives, promoting it as a faster, safer, and more efficient transaction method [3] Industry Context - The launch of RMJDT aligns with broader trends in Asia, where several countries are advancing stablecoin initiatives, with Hong Kong leading after the introduction of stablecoin regulations in July [3] - Circle reported that the Asia-Pacific region is experiencing rapid growth in on-chain stablecoin activity, with $2.4 trillion projected between June 2024 and June 2025, marking it as the fastest-growing market globally [4] - The region boasts the highest adoption rate for stablecoins, with 56% of institutions in Asia utilizing them for payments, settlements, and treasury functions [4]