Bullish Aim, a telecommunications firm owned by Ismail Ibrahim, son of Johor royal Sultan Ibrahim Iskandar, has announced the launch of a new Malaysian ringgit–backed stablecoin aimed at improving cross-border payments across the Asia-Pacific region.
The token, called RMJDT, is pegged 1:1 to the Malaysian ringgit and will be issued on Zetrix, a layer-1 blockchain built to connect governments, enterprises, and individuals to Web3 infrastructure, with a strong focus on international interoperability, particularly with China.
Alongside the stablecoin launch, Bullish Aim revealed plans to establish a digital asset treasury (DAT), starting with 500 million ringgits (about $121.5 million) allocated into Zetrix (ZETRIX) tokens. The company also stated that it intends to expand the treasury to roughly $243 million over time.
Regulatory sandbox and national strategy
The RMJDT stablecoin is being rolled out under Malaysia’s regulatory sandbox framework, overseen by the Securities Commission Malaysia and Bank Negara Malaysia. The sandbox, launched in June, is designed to test financial innovations such as programmable payments, ringgit-backed stablecoins, and blockchain-based supply chain finance.
According to the company, RMJDT is built to increase international usage of the ringgit for trade settlements and to support foreign direct investment into Malaysia. The initiative also aligns with Malaysia’s Digital Asset National Policy and the broader global shift toward financial tokenization.
Digital asset treasury inspired by global crypto plays
Bullish Aim said its Zetrix-focused treasury model follows the playbook of high-profile corporate crypto strategies such as those pioneered by Michael Saylor through Strategy, which has accumulated large amounts of Bitcoin since adopting a crypto-first treasury strategy in 2020.
Ismail Ibrahim described the Zetrix treasury as a strategic move to ensure operational stability and strengthen alignment with Malaysia’s national blockchain infrastructure.
However, the timing of the move comes as sentiment around digital asset treasuries cools. According to CoinShares head of research James Butterfill, the surge of interest in corporate crypto treasuries may have already peaked following the 2025 summer rally.
Despite growing skepticism around “copycat” treasury strategies, cash-rich backers continue to make aggressive bets, highlighted by Ismail’s reported $2.7 billion Singapore land acquisition bid earlier this year.
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