Luno Malaysia, Halogen Capital and Kenanga Investors are exploring a ringgit-backed stablecoin that could serve as an on-chain settlement layer for tokenized money-market funds.
The proposed UMYR stablecoin would be backed one-for-one by Malaysian ringgit and is being designed to support real-time Delivery-versus-Payment settlement for institutional fund subscriptions and redemptions.
Luno would mint and burn UMYR against ringgit received or disbursed and manage institutional wallet access, while Halogen Capital and Kenanga Investors would test the asset as a settlement instrument for their tokenized fund products.
The proposed structure could allow the cash and fund-token sides of a transaction to settle simultaneously on-chain rather than relying on conventional settlement windows.
UMYR is planned as an institutional settlement instrument rather than a retail stablecoin during the proposed test. Participation would be restricted to whitelisted institutional entities, with reserves held in segregated accounts and supported by daily reconciliation and independent third-party attestations.
The project remains exploratory. The companies said the collaboration itself does not guarantee the launch of UMYR, which remains subject to regulatory engagement and final agreements.
