MYRC (MYRC) is a stablecoin pegged 1:1 to the Malaysian Ringgit (MYR). Each MYRC token in circulation is intended to be backed by an equivalent amount of MYR held in reserve and managed by BLOX. MYRC can be minted and redeemed through the BLOX platform.

MYRC is a multi-chain token. It is deployed across several blockchain networks, with conversion between supported networks handled through the BLOX platform. The token is available on Arbitrum, Solana and Base, each with its own on-chain representation.

Audits are described as occurring on both a monthly and quarterly basis, without a single consistent audit schedule. These audits are carried out by certified accountants in Malaysia and an independent accounting firm.

MYRC is designed to represent MYR-denominated value on blockchain networks. The intended uses include:

• Remittances and transfers: Sending and receiving MYR value with lower fees and faster settlement compared with traditional transfer methods.
• Payments and commerce: Use in online and offline merchant payments, allowing pricing and settlement in MYR without exposure to volatility from non-pegged cryptoassets.
• Purpose-bound money: Tokens allocated for specific uses such as designated accounts or donations, where spending conditions can be enforced through code.
• Fiat on- and off-ramps: Minting MYRC from MYR and redeeming MYRC back to fiat through a BLOX account, supporting payments in both fiat and MYRC.

MYRC was introduced by BLOX Blockchain Sdn Bhd. The founders and core team include:

• Ethan Chung, Founder and Chief Executive Officer
• Daenavan Thaiveegan, Chief Technology Officer
• Ashwin Chockalingam, Founder and Chief Financial Officer
• Joey Ng, Founder and Chief Product Officer