**Malaysia's Crown Prince Launches Ringgit Stablecoin on Zetrix**

In a significant move towards digital currency adoption, Malaysia's crown prince has launched a stablecoin pegged to the national currency, targeting payments across the Asia-Pacific region.

Bullish Aim, a telecom company owned by Ismail Ibrahim, the son of Sultan Ibrahim Iskandar of the Johor royal family, announced the launch of RMJDT, a new stablecoin backed by the Malaysian ringgit (MYR), the country's fiat currency. The stablecoin is set to be issued on Zetrix, a layer-1 blockchain designed for cross-border integration, particularly in China.

The launch of RMJDT comes under Malaysia's regulated sandbox framework by the Securities Commission and Bank Negara Malaysia, aiming to test financial innovations, including stablecoins. Launched in June, the sandbox aims to explore digital asset use cases such as programmable payments, ringgit-backed stablecoins, and supply chain financing.

According to Bullish Aim, RMJDT is designed to "strengthen the international use of the Malaysian ringgit in cross-border trade settlements" and act as a catalyst for attracting increased foreign direct investment into Malaysia. The initiative aligns with global tokenization trends and directly supports Malaysia's Digital Asset National Policy.

In addition to launching the stablecoin, Bullish Aim will also establish a digital asset treasury (DAT) company with an initial treasury allocation of 500 million ringgit ($121.5 million) in Zetrix (ZETRIX) tokens, the announcement said. The DAT is modeled after global precedent-setters like MicroStrategy, which has accumulated 660,624 Bitcoin (BTC) on its balance sheet since announcing its Bitcoin strategy in 2020.

"As the issuer of RMJDT, we view the establishment of a Zetrix-token treasury as a strategic necessity — both to support operational stability and to deepen alignment with the national blockchain," Ismail said.

**Concerns Over DAT Bubble Burst**

Bullish Aim is entering the DAT sector amidst growing concerns over the sustainability of such treasuries. Many companies with digital asset treasuries face struggles, and CoinShares head of research, James Butterfill, suggests that the DAT bubble may have already burst following a rally in the summer of 2025.

"As the bubble deflates, the market is re-evaluating which companies genuinely fit the DAT model and which were simply riding momentum," Butterfill said in a DAT update last week. He also suggested that the future of DATs will be linked to fundamentals such as disciplined treasury management, credible business models, and realistic expectations about the role of digital assets on corporate balance sheets.

Cointelegraph approached Bullish Aim for comment regarding its stablecoin and DAT plans but had not received a response at the time of publication.

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