Ringgit Stablecoin Secures $1 Million Investment

Malaysian fintech company BLOX has secured a seed investment of $1 million to expand its ringgit stablecoin, MYRC. This investment round was led by Kivo Technology, and the funds will be used for the expansion of MYRC, product development for businesses and institutions, communication with regulatory authorities, and business expansion. MYRC is designed to be pegged 1:1 to the Malaysian ringgit, and according to official BLOX materials, MYRC is available on Ethereum, Solana, Arbitrum, and Base. The ringgit-based stablecoin is seen as an attempt to connect local currency with on-chain payment infrastructure. However, according to BLOX's product documentation, MYRC is not a fiat currency, financial product, electronic money, payment method, or remittance method, and cannot be used for payment or remittance activities that may fall under the Malaysian Financial Services Act until relevant approvals are obtained. BLOX co-founder Lee Sun-jung stated that MYRC is backed 1:1 by the Malaysian ringgit, emphasizing its use for business and institutional settlements. As of July 18, 644 users who completed customer verification (KYC) on the BLOX online platform have traded 53.19 million ringgit using MYRC, with 1.16 million ringgit currently in circulation. This seed investment comes as BLOX aims to broaden MYRC as a payment infrastructure for businesses and institutions.