Luno, Halogen Capital, Kenanga Test Ringgit Stablecoin UMYR for Tokenized Fund Settlement

Luno, Halogen Capital, and Kenanga have jointly announced a pilot exploring a Malaysian ringgit-backed stablecoin, designated UMYR, to test settlement for tokenized money market funds. The stablecoin is designed to maintain a 1:1 backing ratio with the Malaysian ringgit, with each token fully collateralized by an equivalent amount held in reserve. The pilot represents a coordinated effort between a cryptocurrency exchange, a digital asset manager, and an established financial services group to bridge traditional capital markets with blockchain-based settlement infrastructure.

The three firms bring complementary expertise to the initiative. Luno contributes digital asset custody, trading infrastructure, and blockchain integration. Halogen Capital, a licensed digital asset manager, provides knowledge of fund structuring and tokenization strategies. Kenanga, a diversified financial services group with brokerage, investment banking, and asset management operations, offers the traditional capital markets perspective and potential distribution channels.

In the proposed framework, tokenized money market funds would be settled using UMYR, allowing for near-instantaneous transfer of value without reliance on traditional banking hours or intermediary clearing processes. The pilot could reduce settlement times from days to minutes while maintaining full collateralization and auditability. The initiative focuses specifically on money market fund settlement, a use case that targets institutional efficiency rather than retail payments.

The pilot operates within Malaysia's evolving regulatory framework for digital assets, overseen primarily by the Securities Commission Malaysia. The firms have not confirmed whether the Securities Commission has granted formal approval or whether the pilot is being conducted under a regulatory sandbox framework.