First Rupiah-backed Stablecoin launches on Binance and 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 can also buy and exchange the stablecoin directly at a rate of 1 Indonesian rupiah each ($ 0.000070).

Part of Binance's expansion plans

BIDR is linked to Indonesia's fiat currency and runs on Binance Chain. Changpeng Zhao, CEO of Binance, claims that this is the first stablecoin associated with this fiat currency and was made possible through an extensive collaboration between the two exchanges:

“Stablecoins (…) are an important channel for distributing fiat money across the crypto ecosystem. (…) BIDR in particular is especially important in supporting our growing number of users who trade and buy with the Indonesian Rupiah. ”

The news follows an announcement in May that Binance has invested in Tokocrypto, said to be Indonesia's first crypto exchange regulated by the country's Commodity Futures Trading Regulatory Agency. In November, Binance also acquired the well-known Indian crypto exchange WazirX, in an effort to further expand its presence in Asia.

In April, Zhao explained that the company is prioritizing collaborations with domestic cryptocurrency exchanges with banking relationships, which can then help roll out fiat currency trading.

Binance has also launched locally regulated crypto trading platforms including Binance Uganda, the European trading platform Binance Jersey, Binance Singapore and Binance.US.