Blox / MYRC Review Malaysia 2026: The First Ringgit Stablecoin, Honestly Reviewed
Did you know? You can hold ringgit on-chain as MYRC across Ethereum, Arbitrum, Solana and Base, and move it any hour of the day without waiting on a bank transfer.
By Malaysia4U Editorial Team · Updated 10 June 2026 · Based on the MYRC whitepaper, blox.my product pages and public SC/BNM registries
Quick Verdict
- →MYRC = on-chain MYR. A multi-chain ringgit-backed token live on Ethereum, Arbitrum, Solana and Base. Issued by BLOX Blockchain Sdn Bhd, registered in Kuala Lumpur.
- →1:1 backed by MYR reported to be held in trustee accounts under Universal Trustee (Malaysia) Bhd and audited by certified Malaysian accountants.
- →Not an SC-licensed DAX, and not yet regulated. Blox is not on the Securities Commission's registered Digital Asset Exchange list (Luno, Hata, MX Global, SINEGY, Kinetic DAX and Torum are). The SC ruled the product outside its securities regime and pointed Blox to the central bank; BNM is piloting ringgit stablecoins via its Digital Asset Innovation Hub.
- →Best use cases: cross-border MYR transfer, on-chain merchant payments, programmable / "Purpose Bound" money. Not a yield product, by design it earns 0%.
- →Who it's for: builders, merchants, remittance senders, and crypto-native Malaysians who specifically want ringgit on a public blockchain. Not a substitute for a bank account or an SC-licensed crypto exchange.
Sign Up to Blox
Mint MYRC at 1:1 with the Malaysian Ringgit. Multi-chain ringgit for payments, remittance and on-chain settlement.
Sign Up to Blox.myWhat is Blox / MYRC?
Blox (blox.my) is a Malaysian fintech platform operated by BLOX Blockchain Sdn Bhd (company no. 1495415-K), registered at Suite 701, 7th Floor, Wisma Hangsam, Jalan Hang Lekir, 50000 Kuala Lumpur. It was founded by Ethan Chung (CEO) and Ashwin Chockalingam (CFO), and participates in PayNet's Fintech Hub. Its flagship product is MYRC, billed as Malaysia's first ringgit-backed stablecoin, which entered public beta in 2025.
MYRC is a digital token pegged 1:1 to the Malaysian Ringgit. It is issued on multiple public blockchains and can be minted, transferred and redeemed through the Blox app. The whitepaper positions MYRC as infrastructure: a way to bring ringgit-denominated value onto public chains so it can be moved, paid, or programmed with smart contracts.
In plain English: MYRC is digital cash that tracks the ringgit. It is not Bitcoin and it is not a yield product. If you hold MYRC, you are holding the digital equivalent of ringgit, useful for moving money, not for growing it.
Regulatory Status, Read This Carefully
The honest summary: As of June 2026, BLOX Blockchain Sdn Bhd is not on the Securities Commission Malaysia's official list of registered Digital Asset Exchanges. That list of six, Luno, Hata, MX Global, SINEGY, Kinetic DAX (formerly Tokenize/KDX) and Torum, is the regulatory regime that protects retail crypto buyers in Malaysia today. Blox sits outside it because Blox isn't an exchange in the SC's definition; it's a stablecoin issuer. Per Blox's own account, when it engaged the SC in late 2022 the regulator determined the product fell outside its securities regime and directed the company to the central bank, so Blox is currently regulated by neither the SC nor BNM.
Stablecoins themselves are still in a regulatory in-between in Malaysia, but the picture is moving. Bank Negara Malaysia has launched an expanded regulatory sandbox under its Digital Asset Innovation Hub (DAIH) to pilot ringgit-backed stablecoins and tokenised financial products, and has signalled it intends to give clearer guidance on ringgit stablecoins and tokenised deposits by the end of 2026. The first three DAIH pilots announced are bank- and corporate-led (a B2B ringgit-stablecoin settlement led by Standard Chartered and Capital A, plus tokenised-deposit pilots from Maybank and CIMB), Blox is not among them, though it has publicly said it aims to join the sandbox. A formal retail stablecoin framework is being developed but is not yet finalised. The MYRC whitepaper commits Blox to AML/KYC and data-protection compliance, but does not claim an SC RMO-DAX licence, and it shouldn't, because that licence is for a different type of business.
What this means in practice:
- You are relying on Blox's own custody arrangements and trustee structure, not on the additional supervisory layer that sits behind an SC-licensed exchange.
- MYRC is not PIDM-insured (no crypto / stablecoin in Malaysia is).
- For any meaningful sum, the prudent default is: mint MYRC for a specific purpose (e.g. send abroad, pay a merchant), use it, then redeem back to MYR, rather than parking large balances long-term.
- Always check the SC Investor Alert list before depositing significant amounts on any digital asset platform.
None of the above is a claim that Blox is unsafe, it is a statement that the formal protective regime that applies to Luno and Hata does not currently apply to Blox in the same form. That's a fact, and it's the most important thing for a new user to understand.
Reserves & Audits
Per the MYRC whitepaper and the public MYRC product page, every MYRC token in circulation is backed 1:1 by Malaysian Ringgit held in a reserve fund. The key claims:
- Reserves are reported to be held in trustee accounts under Universal Trustee (Malaysia) Bhd, in the joint names of the trustee and Blox, and segregated from Blox's corporate funds.
- Certified Malaysian accountants audit the reserves and attestation reports are published on Blox's transparency page.
- Audit cadence: the whitepaper mentions both "monthly" (Section III.C) and "quarterly" (Section V.D) in different sections, check blox.my/myrc for the live cadence and the most recent attestation.
The structural pieces (trustee custody + third-party audit + multi-chain transparency via on-chain supply) are the right ones for a fiat-backed stablecoin. Before committing significant sums, read the most recent attestation report, check that on-chain supply matches the attested reserves, and verify the contract addresses against the official MYRC page (counterfeit stablecoin contracts are a well-known scam pattern).
Supported Chains
MYRC is multi-chain by design. As of 2026, it's deployed on:
| Chain | Notes | Best for |
|---|---|---|
| Ethereum | Highest-cost gas; deepest DeFi composability | Smart-contract use cases, max compatibility |
| Arbitrum | Ethereum L2; sub-cent gas | DeFi at low fees |
| Solana | Very low fees, very fast confirms | Retail payments, high-volume transfers |
| Base | Coinbase L2; cheap and growing | Coinbase / consumer ecosystem integrations |
For reference, the contract addresses published on blox.my/myrc at the time of writing are below. Always re-verify these against the official MYRC page before sending any funds, addresses can change and fake stablecoin contracts that mimic the ticker are a frequent scam vector across every chain.
- Ethereum:
0xbed7D999f1D71Ac70c263F64c7c7E009d691be2e - Arbitrum:
0x3eD03E95DD894235090B3d4A49E0C3239EDcE59e - Base:
0x3eD03E95DD894235090B3d4A49E0C3239EDcE59e - Solana:
myrcAs6bpP2g5oGHZ3qpgrfZQAFkbo9KUHdqYDXMjGv
The Blox app handles bridging between supported chains.
Real-World Use Cases
The MYRC whitepaper outlines three primary use cases. Here's how they actually play out for a Malaysian user in 2026:
1. Cross-border remittance
Send MYR-denominated value to a recipient overseas by transferring MYRC on a low-fee chain (Solana, Base, Arbitrum). The recipient can hold it as an MYR-denominated balance, swap to another stablecoin (USDC/USDT), or off-ramp to local fiat where supported. This is the most concrete use case, and it's genuinely competitive with services like Wise on certain corridors, particularly when the receiving end is crypto-native.
2. Merchant commerce
Accept on-chain MYR as a payment option for online or offline merchants. Useful for niche merchants who already accept crypto and want a non-volatile ringgit option, or for cross-border commerce where the buyer is paying in MYR equivalent. For most Malaysian SMEs, FPX, DuitNow QR and e-wallets remain easier and cheaper.
3. Purpose Bound Money
Programmable disbursements where smart-contract logic restricts how funds can be used, e.g. a charitable allocation that can only flow to specific merchants, a grant that auto-vests over time, or B2B escrow with conditional release. This is genuinely interesting for institutions and builders; less relevant for most retail users today.
4. DeFi / on-chain composability
Not in the whitepaper, but worth flagging: a multi-chain MYR token can in principle be paired against USDC/USDT/ETH in DeFi pools, used as collateral, or integrated into on-chain payroll. Depth and integrations are still early, for advanced users who specifically want ringgit-denominated DeFi exposure.
Honest take: for most domestic Malaysian retail use, FPX, DuitNow and e-wallets are still cheaper, faster and PIDM-protected. MYRC is most useful when you specifically need on-chain ringgit, for international transfer, smart-contract composability, or programmable allocations.
Blox vs SC-Licensed Exchanges
The first thing to be precise about: Blox is a different category of product from the four SC-licensed crypto exchanges most Malaysians compare it to. You buy and trade coins on Luno, Hata, SINEGY and MX Global; on Blox you mint a single ringgit token (MYRC). Here is how they line up on the things that matter, fees, coins, MYR support and beginner-friendliness:
| Blox | Luno | Hata | SINEGY | MX Global | |
|---|---|---|---|---|---|
| Type | Stablecoin issuer | DAX | DAX | DAX | DAX |
| SC RMO-DAX licence | No | Yes | Yes | Yes | Yes |
| What you hold | MYRC only | BTC, ETH, +more | Wide token list | Core tokens | Core tokens |
| Typical fees | In-app mint/redeem | ~2% Instant; 0.25-0.5% exch. | 0% maker, ~0.18-0.4% taker | Taker from ~0.5% | Taker from ~0.5% |
| MYR on/off-ramp | FPX/DuitNow (in-app) | Yes (FPX) | Yes (FPX) | Yes | Yes |
| Beginner-friendly | No (technical) | Best-in-class | Good | Simpler/older | Simpler/older |
| Yield by design | 0% (stablecoin) | Variable (crypto price ± staking) | |||
On fees, the exchanges are not directly comparable to Blox, they charge a percentage spread on trades, while Blox charges in-app mint/redeem fees shown at transaction time. Among the DAXs, Hata is the cheapest (0% maker, taker from ~0.18%); Luno is pricier on Instant Buy (~2%) but the smoothest for beginners; SINEGY and MX Global sit in the middle with fewer tokens and a more conservative, older UX (many open accounts there as a regulatory backup). On coins, every DAX beats Blox trivially because Blox simply doesn't sell coins, it has one token, MYRC. On MYR support, all five support ringgit on/off-ramp via FPX/DuitNow, but the DAXs are more mature here. On beginner-friendliness, Luno is the clear winner and Blox is the clear laggard, minting a multi-chain token and managing self-custody is genuinely more technical than tapping "Buy" in the Luno app.
You don't pick one or the other, they solve different problems. A typical advanced Malaysian crypto user in 2026 might hold an SC-licensed exchange account for trading, and a Blox account specifically for on-chain MYR moves. Read our full crypto guide for how everything fits together.
Who Blox Is (and Isn't) For
MYRC is a niche tool, not a mass-market product. Being honest about who it suits matters more here than for a typical exchange:
Crypto beginners, probably not yet
If you're new and just want to "try crypto," MYRC is the wrong starting point. It doesn't go up, it involves chains and contract addresses, and a wrong-chain transfer can cost you. Start on an SC-licensed DAX like Luno instead. The exception: a small RM50 test mint as a deliberate learning exercise.
Active traders, not the venue
Traders want depth, leverage, many pairs and tight spreads. MYRC is a stable peg with nothing to trade against on Blox itself. You'd only use MYRC as a settlement leg or a DeFi pairing, your trading happens on a DAX or on-chain DEX.
HODLers / savers, no
MYRC earns 0% by design and is not PIDM-insured. Holding it long-term means forgoing FD interest with no upside. For long-term ringgit, a bank FD or money-market fund is strictly better. HODLers wanting crypto upside should hold BTC/ETH on a regulated platform, not a stablecoin.
Young men & women, crypto-native
This is the natural early audience: freelancers and gig workers paid in crypto who want a ringgit-pegged token, developers building payroll/escrow (e.g. JanjiPay), and remittance senders moving MYR value to crypto-savvy family abroad. If you already use wallets and bridges, MYRC slots in cleanly.
The risk-curious, eyes open
If you're comfortable with early-stage, currently-unregulated products and want to understand on-chain ringgit first-hand, Blox is a reasonable experiment, but size it as an experiment. It is not in the SC's DAX regime and not in BNM's sandbox yet, so you're relying on Blox's own custody and trustee arrangements.
How to Mint & Redeem MYRC
- 1Sign up at app.blox.my with the invite code
BLOX-7aab88(applied automatically via our link). - 2Complete KYC with MyKad / passport. Standard fintech onboarding.
- 3Deposit MYR via the supported on-ramp (in-app, check available methods at the time you sign up).
- 4Mint MYRC at a 1:1 ratio. Choose the chain (Ethereum, Arbitrum, Solana, Base) you want it issued on.
- 5Use it: transfer, pay a merchant, deploy into a smart contract, or hold for redemption later.
- 6Redeem by burning MYRC in-app, receive MYR back to your linked bank account.
Practical tip: always do a small test mint + redemption first (e.g. RM50) before doing anything larger. Verify the contract address from blox.my/myrc, never from a third-party site or DM.
Common Mistakes
1. Treating MYRC as an "investment"
By design it tracks MYR 1:1. You will not get capital gains, and you also forgo FD interest you could earn at a PIDM-insured bank. Use MYRC for utility (transfer, payment, smart contract), not for growth.
2. Confusing Blox with an SC-licensed exchange
Blox is a stablecoin issuer, not an SC-registered DAX. The retail protection regime that covers Luno and Hata does not apply here in the same form. Don't conflate them.
3. Sending MYRC to the wrong chain
MYRC exists separately on Ethereum, Arbitrum, Solana and Base. Sending Solana-MYRC to an Ethereum address (or vice versa) will likely cost you the funds. Use the Blox app bridge or a recognised bridge, always confirm the destination chain.
4. Approving a fake MYRC contract
Scammers routinely deploy fake tokens that mimic legitimate stablecoin tickers. Always verify the official MYRC contract addresses on blox.my/myrc before transacting, and never approve unlimited spend allowances on unknown contracts.
5. Holding very large balances long-term
MYRC is not PIDM-insured, and the formal SC supervisory layer that applies to exchanges doesn't apply here. For long-term ringgit savings, an FD or money-market fund at a PIDM-insured institution is the better default. Mint MYRC for a purpose, use it, redeem it.
Pros and Cons
Pros
- First MYR stablecoin, a genuinely useful primitive
- Multi-chain (Ethereum, Arbitrum, Solana, Base)
- 1:1 backed by MYR, trustee-held reserves
- Third-party audit attestations published
- Real utility for remittance & programmable payments
- Malaysian-incorporated entity (BLOX Blockchain Sdn Bhd)
- Composable with DeFi / smart contracts
Cons
- Not on the SC's registered DAX list, and not yet in BNM's sandbox
- Not PIDM-insured (true of all stablecoins / crypto)
- Still an early-stage / beta product
- Retail stablecoin framework in Malaysia still maturing
- Zero yield by design, not a savings product
- Whitepaper has internal inconsistency on audit cadence (monthly vs quarterly)
- For most domestic MY transfers, FPX/DuitNow is simpler
- Self-custody and bridge mistakes can be costly for new users
FAQ
What is Blox and what is MYRC?
Blox (blox.my) is a Malaysian fintech platform operated by BLOX Blockchain Sdn Bhd (company no. 1495415-K), based in Kuala Lumpur and founded by Ethan Chung (CEO) and Ashwin Chockalingam (CFO). Its flagship product is MYRC, billed as Malaysia's first ringgit-backed stablecoin. MYRC is a digital token pegged 1:1 to the Malaysian Ringgit, with reserves reported to be held in trustee accounts under Universal Trustee (Malaysia) Bhd and audited by certified Malaysian accountants. It is issued on four blockchains (Ethereum, Arbitrum, Solana, Base) and can be minted, transferred and redeemed through the Blox app. MYRC entered public beta in 2025; treat it as an early-stage product.
Is Blox / MYRC regulated by the SC or BNM?
As of June 2026, BLOX Blockchain Sdn Bhd is NOT on the Securities Commission Malaysia's official list of registered Digital Asset Exchanges (DAX). That list of six, Luno, Hata, MX Global, SINEGY, Kinetic DAX (formerly Tokenize/KDX) and Torum, is the regime that protects retail crypto buyers in Malaysia. According to Blox's co-founder, the company engaged regulators in late 2022; the SC determined the product did not fall under its securities regime and directed Blox to the central bank, so Blox is not currently regulated by either the SC or BNM. Stablecoins are not yet a fully retail-regulated product in Malaysia, but the picture is moving: Bank Negara Malaysia has launched an expanded sandbox under its Digital Asset Innovation Hub (DAIH) to pilot ringgit-backed stablecoins and tokenised assets, and has said it intends to give clearer guidance on ringgit stablecoins and tokenised deposits by the end of 2026. Blox has expressed interest in this sandbox. Blox's public materials commit to AML/KYC and data-protection compliance, but do not claim an SC RMO-DAX licence. Treat MYRC as infrastructure for on-chain MYR rather than as an SC-protected investment product, and always verify the latest regulatory status on sc.com.my and bnm.gov.my before depositing significant amounts.
Which blockchains is MYRC on?
MYRC is multi-chain. As of 2026 it is deployed on Ethereum mainnet, Arbitrum, Solana, and Base. The Blox app facilitates bridging between supported chains. Contract addresses are published on the official MYRC page at blox.my/myrc, always verify the address on that official source before sending any funds, especially since fake stablecoin contracts are a common scam vector.
How is MYRC backed?
Every MYRC token in circulation is meant to be backed 1:1 by Malaysian Ringgit held in a secure reserve fund. Per Blox's public materials, the reserve is held in trustee accounts under Universal Trustee (Malaysia) Bhd, held in the joint names of the trustee and Blox, and is subject to regular audits by certified Malaysian accountants, with attestation reports published on Blox's transparency page. The MYRC whitepaper mentions both "monthly" and "quarterly" audit cadences in different sections; the up-to-date schedule and most recent attestation should be checked on blox.my/myrc directly. As an early-stage product, these reserve and audit claims are worth verifying for yourself before committing significant sums.
How do I buy and redeem MYRC?
You sign up on the Blox app (app.blox.my), complete KYC, deposit MYR via the supported on-ramp, and mint MYRC at a 1:1 ratio. To redeem, you burn the MYRC in-app and receive MYR back to your linked bank account. Exact fees and any minimum mint/redeem amounts are shown in-app at the time of the transaction, check the displayed fee preview before confirming. As with any stablecoin platform, do a small test mint and redemption first before committing larger sums.
What can I actually use MYRC for?
Per the MYRC whitepaper, the three primary use cases are: (1) cross-border remittance, sending MYR-denominated value abroad cheaply via a public blockchain rail, (2) commerce, accepting on-chain MYR as a merchant payment option, and (3) "Purpose Bound Money", programmable allocations where smart-contract logic restricts how the funds are spent (e.g., disbursements that can only flow to specific merchants). For retail users, the practical reality is more limited today, most domestic Malaysians are better served by FPX, DuitNow or e-wallets. MYRC becomes interesting when you need on-chain settlement, cross-border MYR transfer, or composability with DeFi-style smart contracts.
Is Blox / MYRC a good place to "invest"?
No, and this is important. MYRC is a stablecoin, not an investment. By design it tracks the ringgit 1:1, so holding MYRC produces zero capital gain (and you also forgo the FD interest you could earn at a Malaysian bank). The point of a stablecoin is utility, not yield. If you want returns, use Versa, Funding Societies, Moomoo, an SC-licensed DAX, or a savings/FD account at a PIDM-insured bank. If you want on-chain ringgit for payments, programmability, or international transfer, MYRC is a legitimate option to evaluate.
How does Blox compare to Luno or Hata?
They're different products. Luno and Hata are SC-licensed crypto exchanges where you trade BTC, ETH and other tokens with ringgit. Blox is a stablecoin issuer, its product is MYRC itself, an on-chain ringgit. You wouldn't use Blox to "buy Bitcoin"; you'd use Luno or Hata for that. You might use Blox if you specifically want on-chain MYR for cross-border transfer, merchant payments, or programmable money use cases. Many users will end up holding accounts on both: an SC-licensed DAX (Luno, Hata, MX Global, SINEGY, Kinetic DAX or Torum) for crypto trading, and Blox for ringgit on-chain. On fees, Luno is the smoothest for beginners but charges ~2% on Instant Buy and 0.25-0.50% on its exchange; Hata is the cheapest SC-licensed option (0% maker, taker from ~0.18%); SINEGY and MX Global are more conservative with fewer tokens. Note again that the SC RMO-DAX protections that apply to those exchanges do NOT apply to Blox as of June 2026.
Is my money safe on Blox?
Blox states that reserves backing MYRC are held 1:1 in trustee accounts with independent audits, that is the right structure. However, MYRC is NOT covered by PIDM deposit insurance (no crypto / stablecoin in Malaysia is), and Blox is not currently on the SC's registered DAX list. That means you are relying on Blox's own custody arrangements and the trustee, without the additional supervisory layer that an SC-licensed exchange operates under. Don't hold large balances long-term; use MYRC for the specific on-chain payment or transfer task you minted it for, then redeem back to MYR.
Who is Blox / MYRC actually for?
Blox suits a fairly narrow set of users. It is a good fit for: builders and fintech developers who want a ringgit-denominated token for payroll, escrow (e.g. JanjiPay) or smart-contract settlement; merchants and businesses doing cross-border MYR commerce; and remittance senders moving value to crypto-native recipients abroad. Crypto-curious Malaysians can use a small test mint to learn how on-chain ringgit works. It is a poor fit for: complete beginners who just want to "buy crypto" (use an SC-licensed DAX like Luno or Hata instead); HODLers and investors chasing returns (MYRC earns 0% by design); and anyone wanting a regulated, PIDM-protected place to park savings (use a bank FD or money-market fund). Be honest with yourself about which group you are in before depositing.
What is the Blox referral code?
Sign up via the Malaysia4U referral link, which carries the invite code BLOX-7aab88. The invite code is applied automatically when you sign up through the link, or you can paste it into the "Invite code" field on the registration screen. Check the in-app referral terms for any current sign-up reward, these change over time.
Final Verdict: 3.8/5
Blox is doing something genuinely new in Malaysia: putting the ringgit on a public blockchain in a multi-chain, 1:1 backed form. As infrastructure, MYRC is interesting, for cross-border MYR transfer, programmable money, and DeFi-style composability, there's no direct local equivalent.
Where it loses points: it sits outside the SC RMO-DAX regime that covers exchanges like Luno and Hata, and it is not yet inside BNM's Digital Asset Innovation Hub sandbox either, so for now it is regulated by neither. Retail stablecoin rules in Malaysia are still being finalised (BNM has signalled clearer guidance by end-2026), the product is still in beta, and the whitepaper has small inconsistencies (audit cadence). None of these are dealbreakers, but they're reasons to size positions conservatively and treat MYRC as a tool you mint for a specific purpose rather than a long-term parking spot for savings.
Bottom line: If you specifically need on-chain ringgit, for international transfer, smart-contract integration, merchant payments to a crypto-savvy customer base, or programmable allocations, Blox is the most credible local option. If you're looking for "crypto exposure" or yield, you're in the wrong product; use an SC-licensed DAX or a savings/investment platform instead. Sign up, do a small test mint, verify the experience, and scale only after you're comfortable.
Sources & References
All factual claims in this review are verified against the following sources.