Rajarshi Mitra
Independent Analyst
- Binance and Tokocrypto exchanges have listed an Indonesian Rupiah-backed stablecoin - Binance IDR (BIDR).
- Exchange users can buy and redeem BIDR for 1 Indonesian rupiah each ($0.000070) per token.
Binance and Tokocrypto, an Indonesian exchange, have recently listed a Rupiah-backed stablecoin - Binance IDR (BIDR). According to a recent announcement, the users of these two exchanges can now trade BIDR against Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD), Tether (USDT) and Ether (ETH). They can also buy and redeem BIDR at a rate of one Indonesian rupiah each ($0.000070).
BIDR is pegged to Indonesia’s fiat currency and runs on the Binance Chain. Changpeng Zhao, the CEO of Binance, said that this is the first stablecoin pegged to Indonesian Rupiah and was made possible through the collaboration between the two exchanges.
Stablecoins [...] are an important channel for fiat money to spread around the crypto ecosystem. [...] BIDR, in particular, is especially important in supporting our growing number of users who are trading and buying cryptocurrencies with the Indonesian Rupiah.
In May, Binance had invested in Tokocrypto, which is Indonesia’s first cryptocurrency exchange regulated by its Commodity Futures Trading Regulatory Agency.
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