Malaysia’s crown prince launches ringgit stablecoin, Zetrix treasury
PositiveCryptocurrency

- Malaysia’s crown prince has launched a new stablecoin on the Zetrix platform, backed by the Malaysian ringgit, alongside a digital asset treasury valued at $121 million, inspired by MicroStrategy. This initiative aims to enhance the country's cryptocurrency landscape amid ongoing sector concerns.
- The introduction of the ringgit-backed stablecoin is a significant move for Malaysia as it seeks to position itself as a leader in the cryptocurrency space, facilitating payments across the Asia-Pacific region and potentially attracting investment and innovation in digital finance.
- This development occurs against a backdrop of challenges in the Malaysian cryptocurrency sector, including significant financial losses reported by the national utility company due to illegal crypto mining activities, highlighting the complexities and risks associated with the rapid growth of digital currencies.
— via World Pulse Now AI Editorial System

