Bullish Aim, the Malaysian Crown Prince-backed telecommunications company, launched the ringgit stablecoin RMJDT, with an initial treasury asset allocation value of US$121.5 million.

Odaily Planet Daily reports that Bullish Aim, the telecommunications company owned by the Malaysian Crown Prince, announced the launch of RMJDT on Tuesday. This stablecoin is pegged to the Malaysian Ringgit and targets the cross-border payments market in the Asia-Pacific region.

RMJDT will be issued on the Layer 1 blockchain Zetrix. Bullish Aim will establish a Digital Asset Treasury (DAT) company, with an initial treasury asset allocation of RM500 million (approximately US$121.5 million) worth of Zetrix (ZETRIX) tokens. Bullish Aim is owned by Prince Ismail Ibrahim, a member of the Johor royal family and the current King of Malaysia.