Luno, Halogen Capital, Kenanga Investors In Tie-up To Explore Ringgit-Pegged Stablecoin
KUALA LUMPUR, Sept 24 (Bernama) -- Luno Malaysia Sdn Bhd has formed a strategic collaboration with Halogen Capital Sdn Bhd and Kenanga Investors Bhd to explore the use of a fully reserved, ringgit-pegged stablecoin (UMYR) as an on-chain settlement instrument for tokenised money market funds.
The collaboration brings together three entities licensed by the Securities Commission Malaysia (SC), namely Luno, a registered recognised market operator (digital asset exchange), and Halogen Capital and Kenanga Investors, which are capital markets services licence (CMSL) holders operating tokenised funds and mandates.
“The initiative aims to demonstrate real-time delivery-versus-payment (DvP) settlement for fund subscriptions and redemptions, reducing the settlement windows that currently apply on conventional rails,” the companies said in a joint statement today.
They said UMYR is proposed to be issued by a dedicated, ring-fenced issuance entity within the Luno group and backed one-for-one by the ringgit held onshore in a segregated account with a regulated banking partner.
They said that under the proposed initiative, Luno, as the issuer, will mint and burn UMYR on a strict 1:1 basis against the ringgit received or disbursed.
The digital asset exchange will also manage institutional onboarding and wallet whitelisting, while providing daily reserve reconciliations supported by independent third-party reserve attestations, they said.
“Halogen Capital and Kenanga Investors (as fund partners) will participate as use-case fund managers, accepting UMYR for subscription and redemption settlements into their tokenised money market funds.
“(Both fund partners will retain) sole responsibility for fund management, unit registry, and investor obligations under their CMSL licences,” they said.
The collaboration marks a significant step toward testing regulated digital asset infrastructure alongside Malaysia’s existing fund management ecosystem, the companies added.
-- BERNAMA