Blox issues MYRC, a stablecoin pegged to the Malaysian Ringgit, facilitating fast and secure digital transactions. This Ringgit-backed digital asset offers individuals and businesses a reliable payment solution with near-instant settlements and low transaction fees.
Funding
Funding not disclosed
Founders
Product
Problem
Traditional financial systems in Malaysia can be slow, costly, and lack transparency, especially for digital transactions and cross-border payments. Existing cryptocurrency solutions introduce volatility risk, hindering their adoption for everyday use and business operations.
Solution
Blox provides MYRC, a stablecoin pegged 1:1 to the Malaysian Ringgit (MYR), designed to facilitate secure and efficient digital transactions. MYRC combines the stability of fiat currency with the benefits of blockchain technology, offering near-instant settlements and reduced transaction fees. The circulating supply of MYRC is fully backed by MYR reserves held in licensed financial institutions and is monitored via a public Ethereum blockchain ledger. Independent third-party attestations are conducted monthly to ensure transparency and maintain the 1:1 peg, providing users with a reliable digital payment solution.
Target Audience
MYRC targets individuals and businesses in Malaysia seeking a stable, efficient, and transparent digital payment solution, as well as cryptocurrency exchanges looking to facilitate MYR-based trading pairs.
Features
- 1:1 peg to the Malaysian Ringgit (MYR), ensuring price stability
- Fully backed by MYR reserves held in secure, licensed bank accounts
- Transparency through an open transaction ledger on the Ethereum blockchain
- Monthly attestations by an independent accounting firm, verifying reserve assets
- Fast and cost-effective digital transactions, reducing reliance on traditional intermediaries
- Seamless conversion between MYR and MYRC via the Blox platform
- Integration with DeFi platforms, enabling access to decentralized finance opportunities
- 24/7 availability on the Arbitrum network