According to a report by Malay Mail, Malaysia’s digital asset exchange Luno has announced a collaboration with Halogen Capital and Kenanga Investors to explore a stablecoin, UMYR, backed by 1:1 Malaysian ringgit reserves. The stablecoin would be used to settle subscriptions and redemptions for tokenized money market funds, and to test a real-time Delivery-versus-Payment (DvP) mechanism. The pilot is only available to whitelisted institutional clients and will not be open to retail users. Founded in 2013, Luno is one of the first digital asset exchanges in Malaysia regulated by the Securities Commission. In 2020, it was fully acquired by Digital Currency Group (DCG). The transaction amount was not disclosed.