Luno, Halogen Capital, and Kenanga Investors explore launching a Ringgit-pegged stablecoin for tokenized fund settlement in Malaysia.
DeFi & Yields ·
Three entities licensed by Malaysia's Securities Commission are exploring a ringgit-pegged stablecoin designed to streamline how tokenized funds settle trades. Luno, operating as a registered Recognised Market Operator, is partnering with Halogen Capital and Kenanga Investors—both holders of Capital Markets Services Licences—to test the instrument, which would be called UMYR. The stablecoin would maintain a strict one-to-one backing against Malaysian ringgit stored onshore in a segregated account with a regulated bank.
The pilot targets institutional clients only, excluding retail participants entirely. Luno would handle minting, burning, and custody operations, while Halogen Capital and Kenanga Investors would use UMYR to accept subscriptions and redemptions into their tokenised money market funds. The arrangement aims to cut settlement windows by enabling real-time Delivery-versus-Payment transactions compared to existing conventional channels.
The structure preserves regulatory boundaries: fund managers retain full responsibility for investor obligations and unit registry under their existing licences, while Luno backs every token with corresponding ringgit and publishes daily reserve reconciliations verified by independent third parties. The closed-loop design keeps participation limited to whitelisted institutional partners, leaving open how or when the initiative might expand beyond its current testing scope.