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    Blox MYRC

    MYRC

    Evaluation Score

    Overall rating on a scale of 0-10

    RiskReturn
    04.210
    Risk Level:
    High
    Recommendation:Avoid
    Evaluated:August 28, 2026 (v14)

    Dimension Breakdown

    Development Activity4.5
    Community Health2.0
    Tokenomics4.0
    Market & Use Case4.0
    Team & Governance5.5
    Security & Audits5.0

    AI Analysis

    Comprehensive evaluation of the token

    MYRC (Blox MYRC) is a centralized, fiat-backed Malaysian Ringgit stablecoin issued by Blox Blockchain Sdn Bhd. Active development is demonstrated by its multichain presence across Ethereum, Arbitrum, Solana, and Base (deployed December 2025). The leadership team is public, identifiable, and backed by a $1M seed round alongside participation in the PayNet Catalyst Programme. However, the project exhibits major structural and transparency risks. There are no public smart contract audits from recognized security firms and no published third-party proof-of-reserves attestations. Regulatory authorization from Bank Negara Malaysia remains pending and unconfirmed. In addition, secondary market liquidity is minimal, community presence is negligible, and governance is entirely centralized with direct counterparty exposure. No qualifying red-flag incidents (such as exploits or formal enforcement actions) were identified.

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    Development Activity

    Code updates and developer engagement

    RiskReturn
    04.510

    Community Support

    Social media presence and community engagement

    RiskReturn
    02.010

    Tokenomics

    Supply, distribution, and utility

    RiskReturn
    04.010

    Market & Use Case

    Value proposition and competitive landscape

    RiskReturn
    04.010

    Team & Governance

    Team background and project governance

    RiskReturn
    05.510

    Security & Audits

    Security history and audit status

    RiskReturn
    05.010
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    About Blox MYRC (MYRC)

    MYRC (Blox MYRC) is a centralized, fiat-backed stablecoin pegged 1:1 to the Malaysian Ringgit (MYR), issued by Blox Blockchain Sdn Bhd (BLOX) based in Kuala Lumpur, Malaysia. Designed to facilitate native local-currency on-chain settlement, domestic transactions, and cross-border payments, MYRC operates across multiple blockchain networks, including Ethereum, Arbitrum, Solana, and Base.

    The stablecoin operates under a centralized mint-and-burn mechanism where tokens are minted upon Malaysian Ringgit deposits and burned upon redemption. The project is managed by a public executive team led by CEO Ethan Chung, CTO Daenavan Thaiveegan, CPO Joey Ng, and CFO Ashwin Chockalingam. BLOX raised a $1 million seed round led by Kivo Technology and was selected for the PayNet Catalyst Programme, recording cumulative transaction volume of RM53.19 million across 644 KYC-verified users as of July 2025.

    MYRC presents several structural, transparency, and market risks. Governance and reserve management are fully centralized, creating direct counterparty exposure to the issuer. The project lacks published third-party smart contract audits from recognized security firms and has not released independent proof-of-reserves attestations. Additionally, MYRC currently operates without formal authorization or regulatory licensing from Bank Negara Malaysia, while secondary market liquidity remains thin with daily trading volumes often under $10,000 and secondary market pricing exhibiting discounts relative to its targeted 1:1 fiat peg.

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