Malaysia’s king’s eldest son today unveiled a local currency-backed stablecoin designed for cross-border trade and attracting foreign investment spanning the Asia-Pacific region, according to an official statement.

Ismail Ibrahim, owner of telecommunication firm Bullish Aim Sdn, is behind the rollout of the stablecoin called RMJDT, which is pegged to Malaysia’s ringgit. The stablecoin, which will initially have a total supply of 500 million tokens (approximately $121.5 million) will be backed by ringgit cash deposits and short-term local government bonds, his company’s press release added.

“As the issuer of RMJDT, we view the establishment of a Zetrix-token treasury as a strategic necessity, both to support operational stability and to deepen alignment with the national blockchain,” said Ibrahim in the press release. His company views the RMJDT as a faster, safer and more efficient way to transact, according to the statement. Bullish Aim Sdn did not immediately respond to CoinDesk’s request for further comment

The launch of the fiat-pegged token comes amid a series of plans across Asia to push forward stablecoin initiatives this year. Hong Kong leads the pack following the release of stablecoin regulations in July.

In October, Circle reported $2.4 trillion in on-chain stablecoin activity across the APAC region between June 2024 and June 2025, noting that it is the fastest-growing market globally.. The company also said the region has the highest adoption rate worldwide, with 56% of institutions in Asia already using stablecoins for payments, settlements, and treasury purposes.