- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.