BlockBeats News, December 9th, according to Cointelegraph, the eldest son of the King of Malaysia is launching a stablecoin pegged to the country’s fiat currency, targeting the cross-border payment market in the Asia-Pacific region.
Telecom company Bullish Aim announced on Tuesday the launch of RMJDT — a new stablecoin backed by the Malaysian Ringgit. The company is owned by a member of the Johor royal family, Prince Ismail Ibrahim, the current King of Malaysia.
This stablecoin will be issued on the Layer 1 blockchain Zetrix. In addition to issuing the stablecoin, Bullish Aim will establish a Digital Asset Treasury (DAT) company and allocate 5 billion Malaysian Ringgit (approximately $1.215 billion) worth of Zetrix (ZETRIX) tokens as the initial treasury asset allocation.
