Luno issues UMYR stablecoin backed 1:1 by ringgit
Luno will mint and burn a ringgit-backed stablecoin called UMYR on a strict 1:1 basis and manage institutional onboarding, wallet whitelisting and daily reserve reconciliations supported by independent third-party attestations. Halogen Capital and Kenanga Investors will accept UMYR for subscription and redemption settlements into tokenised money market funds while keeping sole responsibility for fund management and investor obligations under their CMSL licences. The arrangement promises real-time delivery-versus-payment settlement compared with conventional windows and is positioned as a controlled test of on-chain settlement controls with regulated parties in Malaysia.
Luno will mint UMYR 1:1 backed by onshore ringgit reserves.
Context
A regulated issuer will trial a ringgit-backed stablecoin with licensed fund partners. The pilot uses daily reserve checks and independent attestations. If successful, it could enable broader on-chain settlement use in Malaysia.
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