• The new stablecoin will be available on Binance on June 1.
  • It is the first non-dollar stablecoin on the platform.

One of the world’s largest cryptocurrency exchanges Binance launches a new sablecoin backed by Indonesian Rupiah (IDR). The new coin will be listed under the ticker BIDR, and it will be pegged to IDR 1:1.  BIDR will be jointly supported by Binance and Tokocrypto.

Initially, the coin will be available for trading in BTC/BIDR, ETH/BIDR, BNB/BIDR, BUSD/BIDR and USDT/BIDR, which will start at 8:00 AM (UTC) on June 1, 2020. Currently, Binance users can start depositing BIDR to get ready for trading. 

Binance IDR (BIDR) is a BEP2 stablecoin pegged 1:1 to the Indonesian Rupiah (IDR), jointly supported by Binance and Tokocrypto.

BIDR will join the long list of stablecoins available on Binance. Currently, the users of the cryptocurrency exchange can trade Paxos Standard Token (PAX), TrueUSD (TUSD), USD Coin (USDC), StableUSD (USDS) and Tether (USDT). However, all of them are pegged to the US Dollar, while BIDR is backed by Indonesian Rupiah.

Stablecoins are a type of cryptocurrencies that combine the benefits of digital assets and stability of the traditional assets. Their value is pegged to a value of fiat currency 1:1, which means a user can purchaser 1 stablecoin with 1 unit of the asset it is pegged to. Currently there are over 170 stablecoins and most of them are tied to the US Dollar.

Recently, the head of Binance Chanpeng Zhao noted that stablecoins were often used for donations, which would drive the mass adoption of digital assets.
 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

GRT risks freefall under $1 amid broad-based crypto declines

The Graph is teetering at $1.73 after its uptrend ran into a barrier around $2.9. Declines have been consistent within the confines of a descending parallel channel. Losing the middle boundary support has left GRT bears with open-air to explore.

More Graph News

LINK bulls flee as broadening wedge pattern hints at a 50% drop

Chainlink price nears the end of an ascending broadening wedge pattern that forecasts a 50% drop. Transactional data shows that $17.8 could be an inflection point. If LINK price slices through this support, then a drop to $13 seems likely.

More Chainlink News

XLM poised for massive 27% breakdown, as the technical picture worsens

Stellar has recently been rejected from the yearly high of $0.61. Bulls tried their best to secure higher support but failed in that task. XLM continues with the breakdown below a descending trendline that seems to have confirmed a triangle pattern on the 4-hour chart. 

More Stellar Lumens News

DOGE in trouble as multiple technical indicators scream sell

Dogecoin price hints at a 75% upswing as the bull flag pattern develops. A decisive close above $0.058 would indicate a start of a bullish breakout. Mounting selling pressure could invalidate crucial support at $0.047 and push it down by 20% to $0.037.

More Dogecoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP