Malaysia’s Ringgit Stablecoin: A Royal Cash Caper with AirAsia & Standard Chartered!

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Malaysia, that jewel of Southeast Asia, has decided to dip its toes into the shimmering pool of cryptocurrency-because why let a few pesky regulations dampen the fun? Institutions with more letters after their names than a secret agent are now playing crypto tag, and the stakes are higher than a squirrel’s stash of forgotten birthday money.

Capital A, the eccentric parent of AirAsia, and Standard Chartered Bank Malaysia have signed a letter of intent so cozy it’s like a crocodile in a cashmere coat. Together, they’ll explore a ringgit-backed stablecoin, a project now tucked neatly into Bank Negara Malaysia’s Digital Asset Innovation Hub (DAIH), a place where dreams of digital money meet red tape and a side of bureaucracy.

This delightful development arrives just days after a royal-backed stablecoin was unveiled, because nothing says “trust us” like a prince waving a blockchain flag. 🐍👑

AirAsia’s Parent Jumps into Regulated Crypto (Because Why Not?)

Per the agreement, Standard Chartered Malaysia will play the role of issuer, while Capital A-ever the adventurer-will test the stablecoin’s mettle in travel and digital businesses. This marks Capital A’s first foray into regulated digital assets, a move so daring it could make a cat wear a top hat. 🎩

Tony Fernandes, Capital A’s CEO, called the deal a “turning point,” adding it marks a “significant milestone in our transformation from an aviation-centric group into a trusted, technology-led ecosystem.” Translation: We’re trading planes for pixels. 🚀💸

Fernandes also noted the stablecoin could streamline operations with real-time settlements, better treasury management, and “programmable financial flows”-a fancy way of saying “magic money tricks.” Because who doesn’t want their cash to dance? 🕺

Why the Central Bank Sandbox Is the New Playground

Unlike rogue stablecoin experiments (cough Terra cough), this project is being tested in Bank Negara Malaysia’s regulatory sandbox, a place where innovation meets caution like a toddler and a babysitter. The DAIH lets banks and companies tinker under watchful eyes, ensuring technical, regulatory, and commercial assessments are as thorough as a detective with a caffeine addiction. 🔍

Mak Joon Nien, Standard Chartered Malaysia’s CEO, said digital assets are central to the bank’s long-term strategy-especially for clients who demand “strong assurances.” Translation: We’ll pretend we understand blockchain, but we’ll charge you extra. 💼

Royal-Backed RMJDT: Because Princes Know Best

Just days prior, Bullish Aim, led by the son of Malaysia’s king (because nepo babies thrive in crypto too), launched RMJDT, a ringgit-pegged stablecoin backed by cash and government bonds. It’s designed for domestic payments and cross-border trade, because nothing says “economic stability” like a prince in a lab coat. 👑🧪

The token will ride on Zetrix, a government-linked blockchain, a system so secure it could outwit a raccoon with a calculator. Together, these projects suggest Malaysia is trading caution for chaos-and who are we to argue with a plan that involves royalty and AirAsia? 🛫

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2025-12-12 13:19