Luno, Halogen Capital and Kenanga Investors are exploring a Ringgit-pegged stablecoin for settling tokenised fund transactions.
The proposed stablecoin, UMYR, would be fully backed by Ringgit and used as an on-chain settlement instrument for tokenised money market funds.
Luno operates as a recognised market operator for digital asset exchange activities, while Halogen Capital and Kenanga Investors hold Capital Markets Services Licences.
The initiative will test real-time delivery-versus-payment settlement for fund subscriptions and redemptions, which could shorten settlement periods compared with conventional payment rails.
Under the proposal, UMYR would be issued through a ring-fenced entity within the Luno group.
It would be backed one-for-one by Ringgit held onshore in a segregated account with a regulated banking partner.
Luno would mint and burn UMYR against Ringgit received or disbursed, manage institutional onboarding and wallet whitelisting, and conduct daily reserve reconciliations supported by independent third-party attestations.
Halogen Capital and Kenanga Investors would use UMYR to settle subscriptions and redemptions involving their tokenised money market funds.
Both fund managers would remain responsible for fund management, the unit registry and investor obligations under their respective licences.
The proposed arrangement would operate as a closed-loop business-to-business system involving whitelisted institutional participants.
“With Malaysia’s digital asset ecosystem moving from foundational setup to institutional capability, infrastructure like UMYR is essential.
By providing a 1:1 Ringgit-backed, fully segregated settlement instrument, we are showing how on-chain liquidity and real-time DvP settlement can operate seamlessly and responsibly within Malaysia’s existing regulatory framework alongside licensed industry leaders.”
“As an early adopter of tokenised funds in Malaysia, we see settlement as the next piece of the puzzle, and testing UMYR as a dedicated settlement instrument aligns perfectly with our vision for modern fund management.
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