Luno, Halogen Capital and Kenanga Explore Malaysian UMYR Pilot
The proposed stablecoin would be backed 1:1 by Malaysian ringgit reserves and used to test settlement for tokenized money market funds.
Luno, Halogen Capital and Kenanga Investors announced plans to explore UMYR, a stablecoin backed 1:1 by Malaysian ringgit reserves, for institutional fund settlement in Malaysia.
The proposed pilot would support subscriptions and redemptions for tokenized money market funds while testing a real-time delivery-versus-payment mechanism. Delivery versus payment links the transfer of an asset with the corresponding payment.
Participation would be restricted to whitelisted institutional clients, and the pilot would not be available to retail users. The initiative is exploratory and has been presented as a planned pilot.
Luno, a Malaysian digital-asset exchange regulated by the Securities Commission, was founded in 2013. Digital Currency Group fully acquired the exchange in 2020; the transaction value was not disclosed.
