Malaysia Launches Ringgit-Backed Stablecoin RMJDT on Zetrix: A Sovereign Digital Leap

Malaysia just cut the traditional finance cord—launching its own ringgit-pegged stablecoin directly on the Zetrix blockchain.

State-Backed Meets Blockchain

Forget speculative memecoins. This is sovereign digital currency with real-world muscle. RMJDT represents a direct, blockchain-native claim on the Malaysian ringgit, bypassing decades-old correspondent banking delays and cross-border friction.

The Zetrix Factor

Choosing Zetrix as the launchpad isn't random. The platform's focus on regulatory-friendly enterprise and trade finance provides the compliant rails needed for a national-scale digital asset. It signals a move beyond experimentation into operational utility.

Why This Cuts Through the Noise

This isn't another crypto project begging for legitimacy. It's a national government deploying crypto's core innovation—programmable, instant settlement—for its own economic toolkit. It turns the traditional playbook on its head, where governments usually react to crypto; here, one is building it.

The finance world's old guard is watching, likely muttering into their sherry about 'sound money' while their own systems creak with inefficiency. Malaysia's move proves the real disruption isn't in dodging regulation, but in rewriting the rulebook for speed and access.

Stablecoins and Islamic digital banking

Meanwhile, Dubai-based Fasset received a temporary banking license in Malaysia, enabling it to operate as the world’s first Shariah-compliant digital bank using stablecoins. 

Consequently, the company can test digital financial products under the supervision of the Labuan Financial Services Authority. Mohammad Raafi Hossain, Fasset’s CEO, said, “We can now combine the credibility of a global banking institution with the innovation of a fintech insurgent that’s fully halal.” 

Additionally, Fasset’s platform supports users across 125 countries and recorded over US$6 billion in annualized transaction volume, projecting US$24 billion by the end of 2026. Its offerings include Shariah-compliant investment and savings products and access to assets like gold, stocks, and digital tokens.

Malaysia’s crypto challenges

Currently, illegal Bitcoin mining continues to pose a growing challenge to Malaysia. Authorities and the national utility (TNB) in the country recently estimated that more than $1 billion in electricity has been stolen by miners operating from hidden sites in five years. The operations often hide in abandoned buildings or empty shops and mask constant machine noise with bird sounds.

Miners continue to be highly mobile, often moving and securing their sites with heat-proof paneling, CCTV, and barricades. While licensed mining operations are allowed, paying for their electricity consumption and taxes, the illegal ones continue to deplete the national grid. Apart from the financial burden, these activities indicate a very strong growing need for regulatory oversight, supplemented by monitoring technologies.

Malaysia’s digital finance sector is evolving quickly. The RMJDT stablecoin and Fasset’s Islamic digital bank reflect growing international engagement. DATCO supports blockchain stability, while illegal crypto mining highlights gaps in regulation. 

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