The telecommunications company Bullish Aim, supported by the Crown Prince of Malaysia, has launched the Ringgit Stablecoin RMJDT.

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.