Luno Malaysia has partnered with Halogen Capital and Kenanga Investors to explore the use of a proposed ringgit-pegged stablecoin as a settlement instrument for tokenized money-market funds.
The proposed stablecoin, known as UMYR, would be fully reserved and backed on a one-to-one basis by Malaysian ringgit held in a segregated account with a regulated banking partner.
Under the proposed structure, Luno would handle the issuance and redemption of UMYR, institutional onboarding, wallet whitelisting and reserve reconciliation. Halogen Capital and Kenanga Investors would participate as fund-management partners, using UMYR to settle subscriptions and redemptions for tokenized money-market funds.
The initiative is designed to test real-time Delivery-versus-Payment settlement, potentially reducing the settlement periods associated with conventional fund infrastructure.
All three participating companies operate under regulatory oversight from Malaysia's Securities Commission. The proposed initiative would initially operate as a closed-loop, business-to-business arrangement limited to whitelisted institutional participants, with no retail customers involved.
Importantly, the agreement represents an intention to collaborate and does not yet constitute a commitment to launch UMYR. The initiative remains subject to regulatory engagement and definitive agreements.
