MYRC is a digital currency designed to track the value of the Malaysian Ringgit (MYR) on a 1:1 basis. It serves as Malaysia’s first on-chain ringgit, providing an efficient way for users to hold and transfer MYR value globally.
What is MYRC structurally?
MYRC is a fully transparent, fiat-backed stablecoin issued by Blox, a Malaysian digital asset company. Every MYRC token is backed by ringgit reserves held in secure trustee accounts with licensed Malaysian financial institutions.
The asset is issued on multiple blockchains, including Ethereum, Arbitrum, Solana, and Base. This multi-chain strategy ensures that MYRC can be used across various DeFi ecosystems and payment platforms with varying speed and cost profiles.
How it works in practice
Users acquire MYRC by signing up for the Blox platform and completing the necessary verification. They can then deposit MYR through local banking rails to mint MYRC directly into their preferred digital wallets.
The tokens can be used for near-instant on-chain settlement, allowing for 24/7 transfers that bypass the delays of traditional banking. Redemptions follow a similar process, where users exchange their MYRC tokens for physical ringgit sent to their bank accounts.
Fees and pricing mechanics
Blox maintains a transparent fee structure for the minting and redemption of MYRC. By simplifying the bridge between the Malaysian banking system and the blockchain, the platform aims to provide a lower-cost alternative to traditional international money transfers.
In addition to platform fees, users must pay the network fees (gas) associated with the specific blockchain they are using. Networks like Base and Solana offer significantly lower transaction costs compared to Ethereum mainnet, making them ideal for smaller payments.
Limits, eligibility, and availability
MYRC is accessible to verified individual and corporate users who meet Blox’s KYC and AML requirements. While designed for the Malaysian market, the tokens can be traded globally on decentralized exchanges that support the relevant blockchain standards.
The project provides documentation and whitepapers for developers, encouraging the integration of MYRC into merchant gateways and automated financial applications. This helps expand the utility of the ringgit within the global digital economy.
Tradeoffs, risks, and limitations
The primary tradeoff of MYRC is the reliance on Blox as the central issuer. Users must trust the company to maintain adequate reserves and to provide reliable redemption services through its trustee bank accounts.
While the reserves undergo regular audits by certified Malaysian accountants, MYRC is not legal tender and does not have the same government backing as deposits held in a commercial bank. Users are also subject to the operational and security risks of the blockchain networks where the tokens are held.
