According to CoinMeta, as reported by Malay Mail, Malaysian digital asset exchanges Luno and Halogen Capital, Kenanga Investors have announced a collaboration to explore the issuance of a stablecoin, UMYR, backed 1:1 by the Malaysian ringgit. This stablecoin is intended for use in the subscription and redemption settlement of tokenized money market funds, as well as for testing real-time delivery-versus-payment ( DVP ) mechanisms. The pilot program is only available to institutional clients on a whitelist and is not open to retail users. Luno was established in 2013 and is one of the first digital asset exchanges in Malaysia to be regulated by the Securities Commission. In 2020, it was fully acquired by Digital Currency Group ( DCG ), with the transaction amount not being disclosed.