Malaysian Royal Launches Ringgit-Backed Stablecoin for Payments

The eldest son of Malaysia’s billionaire king is launching a ringgit-backed stablecoin in the latest example of crypto tokens designed for payments expanding across the Asia-Pacific region.

Bullish Aim Sdn., chaired and owned by Ismail Ibrahim, the son of Sultan Ibrahim Iskandar of the Johor royal family, unveiled a stablecoin called RMJDT that’s pegged to the Malaysian ringgit. It will be backed by local-currency cash deposits and short-term Malaysian government bonds, people with knowledge of the matter said, asking not to be identified.

“Our vision is for this stablecoin to become the standard for crypto-based payments in Malaysia — ...