First Rupiah-Backed Stablecoin Launches on Binance and Tokocrypto
Binance launched the stablecoin on its own blockchain thanks to a collaboration with Indonesian crypto exchange Tokocrypto.
Major cryptocurrency exchange Binance and Indonesian exchange Tokocrypto have listed a rupiah-backed stablecoin, Binance IDR (BIDR).
According to an announcement on June 30, Binance and Tokocrypto users can now trade BIDR against Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD), Tether (USDT) and Ether (ETH). Users will also be able to directly purchase and redeem the stablecoin at a rate of 1 Indonesian rupiah each ($0.000070).
A part of Binanceâ€™s expansion plans
BIDR is pegged to Indonesiaâ€™s fiat currency and runs on Binance Chain. Binance CEO Changpeng Zhao claims that this is the first stablecoin pegged to this fiat currency and was made possible through ample collaboration between the two exchanges:
â€œStablecoins […]Â 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.â€�
The news follows a May announcement that Binance invested in Tokocrypto, which is reportedly Indonesiaâ€™s first crypto exchange regulated by the countryâ€™s Commodity Futures Trading Regulatory Agency. In November, Binance also acquired the well-known Indian crypto exchange WazirX, in an attempt to further expand its presence in Asia.
In April, Zhao explained thatÂ the firm is prioritizing collaborations with domestic cryptocurrency exchanges that have banking relationships, which subsequently can help in rolling out fiat currency trading.
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