We are thrilled to announce the official release of the StraitsX Indonesia Rupiah (XIDR) and the StraitsX Indonesia platform. XIDR is the second stablecoin issued by StraitsX, following XSGD becoming the world’s largest non-USD denominated fiat-backed stablecoin. XIDR will be available on the Ethereum blockchain as an ERC-20 token and on the Zilliqa blockchain as a ZRC-2 token. XIDR is the only Indonesian Rupiah stablecoin that is not issued by an exchange.
Aymeric Salley, Head of StraitsX said, “According to a study by Google, the unbanked citizens still account for 66 percent of Indonesia’s 260 million population. Coupled with Indonesia’s tremendous growth in the FinTech, blockchain and digital assets space, and strong demand for a trusted and compliant Indonesian Rupiah denominated stablecoin, XIDR presents a way for the unbanked population to gain access to financial services It also represents our next step to enabling, democratising and accelerating access to digital assets for individuals and businesses in Asia and beyond.”
The Most Cost-effective Indonesian Rupiah on the blockchain
The StraitsX Indonesian Rupiah aims to be the most cost-effective Indonesian Rupiah stablecoin, with free bank transfers in & out, and transfer out fees (network fees for ERC-20 and ZRC-2) capped at 50,000 XIDR. To celebrate its launch in Indonesia, the XIDR transfer out fee will be waived for a limited time.
Issued by Trusted Financial Institutions in Southeast Asia
Each XIDR is a digital asset-backed by one Indonesian Rupiah that is being held and safeguarded in a regulated financial institution in Indonesia. XIDR will be issued by PT Xfers StraitsX Indonesia, which is an Indonesian subsidiary of Fazz Financial Group. In Singapore, as the subsidiary of Fazz Financial Group, Xfers is a Major Payment Institution licensed by the Monetary Authority of Singapore that issued XSGD, the world’s largest non-USD denominated fiat-backed stablecoin. In Indonesia, Fazz Financial Group empowers the community and promotes the adoption of digital finance by performing financial transactions on behalf of the unbanked and underbanked customers, which has obtained e-money issuance and fund transfer licenses from Bank Indonesia.
Enabling access to digital assets in Indonesia
Users can now leverage XIDR to send Indonesian Rupiah on the blockchain in a trusted and secure manner without the need for a third party clearing agent. Users can also transfer, spend and receive XIDR with StraitsX’s expanding list of ecosystem partners.
XIDR will be the first Indonesian Rupiah denominated stablecoin on the Zilliqa blockchain, enabling local users to access the vibrant Zilliqa blockchain.
XIDR will be available on decentralised finance exchanges Uniswap, Zilswap, HaloDAO, VexSwap, LiteDex, Savvix & DFX finance, where users can swap XIDR for other tokens such as XSGD, USDC, ETH & ZIL. Users can also earn rewards by providing liquidity with XIDR.
XIDR can soon be obtained from our exchange partners such as Cex.io, NovaDax, Omnidax, Tokenize Exchange and Coinut.
Analytics on XIDR is available on Etherscan, Viewblock, Coinmarketcap, Coingecko, Onchain Custodian, Merkle Science and Elliptic.
More partners will be added in the near future. StraitsX continues to work closely with partners to bring in support for XIDR. For businesses and platforms interested in supporting XIDR, contact us via our sales page.
At launch, Indonesian residents can obtain XIDR via the StraitsX platform. Verified users can transfer their Indonesian Rupiah onto the StraitsX platform and send XIDR to their blockchain address. Conversion of XIDR will always be at a 1:1 rate.