Malaysia’s crown prince launches ringgit stablecoin, Zetrix treasury

Malaysia's crown prince Ismail Ibrahim — eldest son of billionaire king Sultan Ibrahim Iskandar — just launched a ringgit-pegged stablecoin called RMJDT. It's issued on Zetrix, a layer-1 blockchain built for cross-border Web3 integration, especially with China.

But that's not all. His telecom company Bullish Aim is also launching a digital asset treasury (DAT) with an initial $121.5 million (500M ringgit) in Zetrix tokens. They plan to double it to $243M. This move is straight out of the Michael Saylor playbook — they're modeling it after MicroStrategy's massive Bitcoin treasury strategy.

RMJDT launched under Malaysia's regulated sandbox framework by the Securities Commission and Bank Negara Malaysia. This sandbox, launched in June, tests financial innovations like stablecoins, programmable payments, and supply chain financing.

The stablecoin aims to "strengthen the international use of the Malaysian ringgit in cross-border trade settlements" and attract foreign investment. It aligns with Malaysia's Digital Asset National Policy and global tokenization trends.

Caption: Bullish Aim’s managing director Lion Peh, Malaysia’s Crown Prince Ismail Ibrahim and Zetrix co-founder TS Wong (from left to right). Source: Bullish Aim/Zetrix

Ismail called the Zetrix treasury a "strategic necessity" for operational stability and alignment with the national blockchain. This comes as he's reportedly trying to sell $2.7B worth of Singapore land — showing cash-rich players are still betting big despite DAT sector struggles.

CoinShares head of research James Butterfill says the DAT bubble may have already burst after a summer 2025 rally. "As the bubble deflates, the market is re-evaluating which companies genuinely fit the DAT model and which were simply riding momentum," he said last week.

Butterfill added that future DAT success will depend on fundamentals: disciplined treasury management, credible business models, and realistic expectations about digital assets on corporate balance sheets.

Cointelegraph reached out to Bullish Aim for comment but hasn't heard back yet.