Malaysia’s crown prince launched a stablecoin on Zetrix and a $121 million digital asset treasury modeled after MicroStrategy, despite sector bubble fears.
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The eldest son of Malaysia’s billionaire king is launching a stablecoin pegged to the national currency, targeting payments across the Asia-Pacific region.
Bullish Aim, a telecom company owned by Ismail Ibrahim, the son of Sultan Ibrahim Iskandar of the Johor royal family, on Tuesday announced the launch of RMJDT, a new stablecoin backed by the Malaysian ringgit, the country’s fiat currency.
The stablecoin is set to be issued on Zetrix, a layer-1 blockchain designed to connect governments, businesses and individuals to the Web3 economy with a focus on cross-border integration, particularly in China.
In addition to launching the stablecoin, Bullish Aim will also establish a digital asset treasury (DAT) company with an initial treasury allocation of 500 million ringgit ($121.5 million) in Zetrix (ZETRIX) tokens, the announcement said.
Stablecoin launch under Malaysia’s regulatory sandbox
According to the announcement, RMJDT is launched under Malaysia’s regulated sandbox framework by the Securities Commission and Bank Negara Malaysia, aiming to test financial innovations, including stablecoins.
Launched in June, the sandbox aims to explore digital asset use cases such as programmable payments, ringgit-backed stablecoins and supply chain financing.
“RMJDT is designed to strengthen the international use of the Malaysian ringgit in cross-border trade settlements and to act as a catalyst for attracting increased foreign direct investment into Malaysia,” the announcement reads, adding that the initiative aligns with global tokenization trends and directly supports Malaysia’s Digital Asset National Policy.
DAT modeled after MicroStrategy: Has the DAT bubble burst?
Addressing its $121 million Zetrix DAT, Bullish Aim said it plans to increase the treasury to $243 million.
Bullish said the DAT is modeled after global precedent-setters like Michael Saylor’s Strategy, which has accumulated 660,624 Bitcoin (BTC) on its balance sheet since announcing its Bitcoin strategy in 2020.
“As the issuer of RMJDT, we view the establishment of a Zetrix-token treasury as a strategic necessity — both to support operational stability and to deepen alignment with the national blockchain,” Ismail said.
Bullish Aim is entering the DAT sector as many companies with digital asset treasuries face struggles. Ismail’s reported $2.7 billion Singapore land sale bid in August shows how cash-rich players continue to bet big despite growing concerns over Strategy copycats.
According to CoinShares head of research, James Butterfill, the DAT bubble may have already burst following a rally in the summer of 2025.
Related: Digital asset treasury boom stalls as flows drop to $1.3B and stocks tumble
“As the bubble deflates, the market is re-evaluating which companies genuinely fit the DAT model and which were simply riding momentum,” Butterfill said in a DAT update last week.
He also suggested that the future of DATs will be linked to fundamentals such as disciplined treasury management, credible business models and realistic expectations about the role of digital assets on corporate balance sheets.
Cointelegraph approached Bullish Aim for comment regarding its stablecoin and DAT plans, but had not received a response at the time of publication.
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