We are happy to announce that the Rupiah Token (IDRT), the first-ever stablecoin pegged to the Indonesian Rupiah (IDR) at a conversion rate of 1:1, is now part of our global ecosystem.

With Rupiah Token ERC20’s listing on Open Platform, our decentralized asset listing program, the IDRT can now be used in any of our partner merchants that are equipped with the XPOS, the first blockchain-powered point-of-sale device. XWallet app users will also be able to carry and use IDRT on their cards and smartphones respectively.

“The IDRT opens up new possibilities for how the Rupiah can be used, and has the potential to bring more secure and seamless use to everyone in our home country,” said Zac Cheah, Co-founder and CEO of Pundi X. “We’re excited to work with Rupiah Token in making blockchain technology and cryptocurrency more accessible to our fellow Indonesians, especially in a more highly global and connected economy.”

“Rupiah Token aims to give Indonesians a safer and easier way to use their IDRT, and our partnership with Pundi X will give them even more ways to use their IDRT,” said Jeth Soetoyo, Founder and CEO of Rupiah Token Indonesia. “By enabling IDRT to be used at XPOS devices, more and more Indonesians at home and around the world, will be introduced to the benefits of blockchain technology.”

Decentralizing the Rupiah

Launched on August 2019, the Rupiah Token aims to implement the benefits of blockchain technology to a tokenized version of the IDR. Any transactions made via IDRT will not be susceptible to the same data breaches and fraudulent actions that can be experienced by fiat currency, thanks to the IDRT running on the Ethereum blockchain.

As a stablecoin, it is not susceptible to the same volatility experienced by other cryptocurrencies. This means that if a user wants to convert their IDR into IDRT and vice versa, the exchange rate will always be 1:1. This allows the IDRT to be used as a reliable way to send Rupiah to other crypto wallet holders without the risk of changing its value.

As it is a newly launched token, the IDRT is being used mainly by Indonesian crypto traders to easily convert their various crypto assets into Rupiah. However, the Rupiah Token Indonesia team sees the IDRT being used for decentralized financing, international remittance, and trade finance very soon.

Bringing IDRT to the world

By becoming part of the Pundi X ecosystem, the IDRT can now be used as an option for various partner merchants present in over 25 countries. With Pundi X enabling it to be used at merchants, the IDRT is on its way to becoming a truly digital and decentralized asset.

IDRT joins 16 other cryptocurrencies that can be used in Pundi X’s global network, which includes BTC, ETH, BNB, DGX, XEM, and our very own token, the NPXS. Several other tokens such as KNC, KCS, VRH, and ENQ joined the ecosystem by listing on Open Platform, which is open to all token developers and blockchain companies.

The Rupiah Token is the second stablecoin to be listed on Open Platform. A few months ago, MakerDAO’s DAI, which is pegged 1:1 to the U.S. Dollar, was also integrated to the Pundi X ecosystem.

About Rupiah Token Indonesia

Established in January 2019, Rupiah Token Indonesia created the first stablecoin that is backed up by the Indonesian Rupiah at a rate of 1:1. Launched in August, the Rupiah Token is now supported in various cryptocurrency exchanges and wallets such as DDEX, Uniswap, and Binance DEX. As of October 1, 2019, there are 791 million Rupiah Tokens currently in circulation. For more info, visit rupiahtoken.com.

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