Malaysia’s Crown Prince Introduces $121 Million Crypto Treasury Amid Bubble Concerns

Malaysia's Crown Prince has made a significant entrance into the cryptocurrency landscape by launching a state-backed stablecoin, RMJDT, along with an ambitious crypto treasury plan. This initiative aims to enhance the ringgit's international standing and draw foreign investment, despite growing concerns about the sustainability of the current digital asset boom.

Key Takeaways

Malaysia’s Crown Prince has launched a new stablecoin initiative, RMJDT, backed by the Malaysian ringgit.
The project is designed to facilitate cross-border transactions and boost foreign direct investment.
A Digital Asset Treasury Company will be established with an initial allocation of 500 million ringgit (approx. $121 million) in Zetrix tokens.
Malaysia's regulatory environment is evolving to support a robust digital-asset ecosystem.
Despite these developments, global corporate crypto treasuries are experiencing declining inflows and signs of market fatigue.

Malaysia's Crown Prince Launches $121M Crypto Treasury — Despite Bubble Fears

Crown Prince Drives RMJDT Rollout With $121M Digital Asset Reserve

Crown Prince Tunku Ismail Ibni Sultan Ibrahim, the Regent of Johor, is spearheading a new stablecoin initiative known as RMJDT, a ringgit-backed stablecoin issued on Zetrix, a Layer-1 blockchain supporting Malaysia’s National Blockchain Infrastructure. This rollout has been conducted within the country’s regulated sandbox, monitored by both the Securities Commission and Bank Negara Malaysia, aiming to assess financial innovations, including stablecoins and new payment systems.

The RMJDT stablecoin aims to bolster the ringgit’s role in international settlements while also attracting foreign investment. This initiative reflects Malaysia’s broader strategy to modernize its economy through tokenization and innovative financial technologies.

As part of this initiative, Bullish Aim, the company managing RMJDT, announced its intention to create a Digital Asset Treasury Company, starting with an allocation of 500 million ringgit (approximately $121 million) in Zetrix tokens. The company plans to ultimately increase this treasury to one billion ringgit, which will help stabilize transaction fees for RMJDT and support validator nodes within the national blockchain infrastructure.

Inspired by major corporate treasury strategies, such as those implemented by Strategy—known for acquiring over 660,000 Bitcoin since 2020—this treasure aims to ensure more predictable operations within the ecosystem.

Currently, Zetrix is trading around $12.60, notably lower than its peak of over $20 achieved about a year ago, according to CoinGecko.

Malaysia Increases Crypto Treasury Initiatives Despite Global Slowdown

The strategic timing of Johor’s initiative aligns with a broader regional trend, as Malaysia becomes increasingly active in the digital-asset sector. Just recently, VCI Global announced their plans to acquire $100 million worth of OOB tokens, making Tether the company's largest shareholder. They intend to integrate this token into their AI and fintech platforms, along with establishing a digital treasury division.

Having already purchased $50 million in tokens through a restricted share issuance, VCI Global plans to acquire an additional $50 million on the secondary market following Oobit’s migration from Ethereum to Solana.

These developments are taking place as Malaysia’s regulators speed up reforms to foster a more dynamic digital-asset environment. The Securities Commission has suggested a revamp of exchange regulations after trading volumes surged to nearly 14 billion ringgit in 2024, over double that of the previous year. This new framework may allow for certain tokens to be listed without prior approval, contingent upon strict criteria, while mandating operators to strengthen governance and risk controls.

Conversely, the broader digital-asset treasury market seems to be facing challenges, with data from DefiLlama indicating that corporate crypto treasuries experienced their lowest monthly inflows of the year in November, totaling $1.32 billion—down significantly from September’s peak. Galaxy Research has characterized the current market conditions as entering a “Darwinian phase,” where leveraging is unwinding and treasury-backed stocks are trading at noticeable discounts.

Even notable players such as Strategy, despite adding nearly $1 billion in Bitcoin last week, have witnessed their equity values drop by more than 35% in the past month.