The eldest son of Malaysia's billionaire king is launching a neighborhood currency-pegged stablecoin aimed toward payments across the Asia-Pacific region.
Bullish Aim, a telecommunications company owned by Ismail Ibrahim, son of Sultan Ibrahim Iskandar of Johor's royal family, announced on Tuesday the launch of RMJDT, a brand new stablecoin backed by the Malaysian ringgit, the country's fiat currency.
The stablecoin is meant to be issued on Zetrix, a Layer 1 blockchain designed to attach governments, businesses and individuals to the Web3 economy, with a give attention to cross-border integration, particularly in China.
In addition to launching the stablecoin, Bullish Aim can even launch 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.
Stablecoin launch under Malaysia's regulatory sandbox
According to the announcement, RMJDT might be launched under Malaysia's regulated sandbox framework by the Securities Commission and Bank Negara Malaysia, with the aim of testing financial innovations, including stablecoins.
Launched in June, the sandbox goals to explore use cases for digital assets corresponding to programmable payments, ringgit-backed stablecoins and provide chain finance.
Lion Peh, CEO of Bullish Aim, Malaysia's Crown Prince Ismail Ibrahim and Zetrix co-founder TS Wong (left to right). Source: Bullish Aim/Zetrix
“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 announcement said, adding that the initiative is according to global tokenization trends and directly supports Malaysia’s national digital asset policy.
DAT modeled on MicroStrategy: Has the DAT bubble burst?
Regarding its $121 million Zetrix DAT, Bullish Aim said it plans to extend its financial inventory to $243 million.
Bullish said the DAT is modeled after global models corresponding to the strategy of Michael Saylor, who has accrued 660,624 Bitcoin (BTC) on his balance sheet since announcing his Bitcoin strategy in 2020.
“As an issuer of RMJDT, we view the establishment of a Zetrix token treasury as a strategic imperative – each to support operational stability and to deepen alignment with the national blockchain,” said Ismail.
Bullish Aim is entering the DAT sector as many firms face difficulties with digital asset treasuries. Ismail's reported $2.7 billion property sale in Singapore in August shows deep-pocketed players continuing to bet big despite growing concerns about strategy copycats.
According to CoinShares research director James Butterfill, the DAT bubble can have already burst after a rally in the summertime of 2025.
“As the bubble subsides, the market is reassessing which firms truly fit the DAT model and which were simply on the rise,” Butterfill said in a DAT update last week.
He also suggested that the longer term of DATs will rely upon fundamentals corresponding to disciplined treasury management, credible business models and realistic expectations in regards to the role of digital assets on corporate balance sheets.
Cointelegraph reached out to Bullish Aim for comment on its stablecoin and DAT plans but had not received a response on the time of publication.
