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Singapore’s StraitsX launches rupiah-denominated stablecoin
The XIDR is to compete with the like of the Rupiah Token and Binance IDR to be the top rupiah-denominated stablecoin.
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Future currency?: A representation of virtual currency Bitcoin and US$1 banknotes are seen in front of a stock graph. Some central banks have warned about significant speculative elements of bitcoin and other crypto assets. (Reuters/Dado Ruvic)
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traitsX, a digital asset transaction platform under Singaporean fintech company Xfers, has launched a rupiah-denominated stablecoin called XIDR to meet the rising crypto appetite in Indonesia.
Stablecoins are cryptocoins pegged to other assets. The XIDR, worth Rp 1 (0.0069 US cents) apiece, runs on the Ethereum and Ziliqa blockchains, which made it the first of its kind, StraitsX wrote in a statement on Monday.
“XIDR aims to be the largest Rupiah-denominated stablecoin in Indonesia,” read the statement.
Other rupiah-denominated stablecoins include the Rupiah Token (IDRT) developed by PT Rupiah Token Indonesia and the Binance IDR (BIDR) developed by United States-based Binance and Indonesia-based Tokocrypto.
Read also: Cryptocurrencies: a $2.0-trillion market
The XIDR will be issued by PT Xfers StraitsX Indonesia, a subsidiary of fintech holding company Fazz Financial Group, which has secured a Bank Indonesia (BI) permit to issue electronic money and transfer funds.
Fazz Financial was formed by Indonesia’s PayFazz and Singapore’s Xfers.
