First Rupee-backed Stablecoin launched at Binance and Tokocrypto

The large cryptoexchange Binance and the Indonesian exchange Tokocrypto have listed on their platforms a stablecoin backed by rupees, Binance IDR (BIDR).

According to a June 30 announcement, users of The News Spy and Tokocrypto can now exchange the BIDR for Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD), Tether (USDT) and Ether (ETH). Users will also be able to buy and redeem the stablecoin directly at a rate of 1 Indonesian rupee each (USD 0.000070).

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The IADB is linked to Indonesia’s fiat currency and operates in the Binance Chain. Binance CEO Changpeng Zhao says this is the first stablecoin linked to this fiat currency and was made possible by the extensive collaboration between the two exchanges:

„Stablecoins […] are an important channel for trust money to spread around the crypto-ecosystem. …] The IADB, in particular, is especially important in supporting our growing number of users who trade and buy cryptomoney with the Indonesian rupiah“.

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The news follows the announcement in May that Binance has invested in Tokocrypto, which is reportedly Indonesia’s first cryptoexchange regulated by the country’s Commodity Futures Trading Regulatory Agency. In November, Binance also acquired the well-known Indian cryptoexchange WazirX, in an attempt to further expand its presence in Asia.

In April, Zhao explained that the company is prioritizing collaboration with domestic exchanges that have banking relationships, which can subsequently help deploy fiat money trading.

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