The sandbox began operations in June to facilitate testing of financial innovations.
Malaysia Crypto News
Tunku Ismail Sultan Ibrahim, son of Sultan Ibrahim Iskandar of the Johor royal family, has announced a ringgit-backed stablecoin through his telecom firm Bullish Aim. The token, called RMJDT, will be issued on the Zetrix layer-1 blockchain.
Local-currency cash deposits and short-term Malaysian government bonds will back the stablecoin. The project targets payment applications across Asia-Pacific markets.
Lion Peh, managing director at Bullish Aim, said the company envisions RMJDT becoming Malaysia's standard for crypto-based transactions. The token aims to provide businesses, consumers, and innovators with improved transaction efficiency.
Malaysia's Securities Commission and Bank Negara Malaysia are overseeing the launch through their regulated sandbox framework. The sandbox began operations in June to facilitate testing of financial innovations.
Programmable payments, ringgit-backed stablecoins, and supply chain financing fall within the sandbox's exploratory scope. RMJDT operates under this experimental regulatory structure.
The announcement described RMJDT as a tool for expanding international use of the Malaysian ringgit in cross-border trade settlements. The project also aims to attract increased foreign direct investment into Malaysia.
The initiative aligns with Malaysia's Digital Asset National Policy and follows global tokenization trends. Zetrix's technology supports the Malaysian Blockchain Infrastructure, a government-backed platform for digital services that debuted in April.
Bullish Aim will establish a digital asset treasury company with 500 million ringgit, equivalent to $121.5 million, allocated to ZETRIX tokens. Plans call for expanding the treasury to $243 million.
The treasury structure draws inspiration from Strategy, which has accumulated 660,624 Bitcoin since 2020. Ismail described the Zetrix-token treasury as necessary for operational stability and alignment with the national blockchain.
James Butterfill of CoinShares suggested the digital asset treasury model may have peaked following a summer 2025 rally. He said markets are now reassessing which companies genuinely fit the treasury model versus those riding momentum.
Ismail serves as regent of Johor, Malaysia's southernmost state. His father holds a five-year term as Malaysia's king.
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