Table of Contents
BloX Malaysia has introduced $MYRC, a stablecoin pegged 1:1 to the Malaysian Ringgit (MYR).
The deployment on Base, an Ethereum Layer-2 network, enables faster and lower-cost onchain transactions compared to mainnet alternatives.
Key Takeaways
- BloX launches $MYRC as Malaysia's 1:1 MYR-pegged stablecoin on Base for low-cost onchain efficiency.
- Enables direct fiat-to-stablecoin minting and redemption with audited reserves.
- Supports payments, remittances, and DeFi with faster, cheaper transactions than traditional chains.
- Targets blockchain developers and businesses for payroll and tokenization projects.
- Advances Malaysia's blockchain adoption amid ongoing regulatory discussions.
Launch Details
BloX Blockchain Sdn Bhd issues $MYRC with full 1:1 backing by MYR held in secure trustee accounts. Independent audits by certified Malaysian accountants ensure transparency.
The stablecoin supports direct minting and redemption via the BloX platform, allowing users to convert fiat MYR to $MYRC and vice versa.
Deployment on Base leverages its low gas fees and high throughput, making $MYRC suitable for everyday onchain use. MYRC operates across multiple chains, with Base adding efficiency for high-volume applications.
Key Features and Use Cases
- Fast, low-cost transactions: Ideal for micropayments and frequent transfers on Base.
- Minting and redemption: Seamless 1:1 conversion with fiat MYR through KYC-compliant processes.
- Applications: Enhances payments, cross-border remittances, payroll for blockchain developers, and DeFi protocols requiring stable MYR exposure.
- Compliance focus: Reserves managed under trustee custody; BloX engages with Bank Negara Malaysia for potential regulatory sandbox entry.
Implications for Malaysia's Digital Finance
$MYRC positions Malaysia in the growing fiat-pegged stablecoin market, providing a ringgit-denominated asset for Web3.
It addresses gaps in local crypto on-ramps, reducing reliance on volatile assets or unregulated P2P methods.
Conclusion
BloX's deployment of $MYRC on Base delivers a practical MYR stablecoin for efficient onchain finance, bridging traditional ringgit with blockchain utility in payments and DeFi.
Read Next:
- Best Stablecoins for Cross-Border Payments in 2025
- The Role of Stablecoins in Monetary Policy Transmission
- The Neobank Transition Report
FAQs:
1. What is $MYRC?
$MYRC is a stablecoin issued by BloX, pegged 1:1 to the Malaysian Ringgit and backed by fiat reserves in trustee accounts.
2. Which blockchain hosts $MYRC?
$MYRC deploys on multiple chains, including Base for low-cost, high-speed transactions.
3. How to mint or redeem $MYRC?
Users complete KYC on the BloX platform, deposit MYR to mint $MYRC, or redeem for fiat credit.
4. Is $MYRC regulated?
BloX engages with Bank Negara Malaysia; the stablecoin operates with audited reserves and trustee oversight.
5. What are primary use cases for $MYRC?
Payments, cross-border remittances, DeFi liquidity, developer payroll, and real-world asset tokenization.
Disclaimer:
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.
