Luno partners with asset managers for Ringgit stablecoin settlement framework
Digital asset exchange Luno Malaysia partnered with Halogen Capital and Kenanga Investors to evaluate Ringgit pegged stablecoin settlement mechanisms for tokenised investment funds
KUALA LUMPUR, Malaysia - Luno Malaysia has teamed up with two major asset managers, Halogen Capital and Kenanga Investors, to explore the use of a Ringgit-pegged stablecoin called UMYR for on-chain settlement of tokenized money market funds. The partnership was announced at LIDAC 2026, Malaysia's leading digital asset conference for institutions.
Luno, a registered Recognized Market Operator, will serve as the issuer of UMYR, which will be backed one-for-one by Ringgit held in a segregated account with a regulated banking partner. Halogen Capital and Kenanga Investors, both Capital Markets Services Licence holders, will act as fund managers accepting UMYR for subscriptions and redemptions in their tokenized money market funds.
This collaboration aims to demonstrate real-time Delivery-versus-Payment (DvP) settlement for fund operations, reducing settlement windows compared to conventional methods. UMYR will be governed strictly internally by Luno, while the fund partners will handle fund management, unit registries, and investor obligations.
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