Fazz Financial's Subsidiary Launches Rupiah Stablecoin "XIDR"

StraitsX, digital asset platform developed Xfers, announced the launch stablecoin Rupiah XIDR, after XSGD for the Southeast Asia region. Each XIDR token has a value equal to one Rupiah and will be available in the StraitsX ecosystem.

XIDR is stablecoin denominated in Rupiah above blockchain Ethereum and Zilliqa with XIDR each have a value equal to one Rupiah which is stored and protected in regulated financial institutions in Indonesia. XIDR is issued by PT Xfers StraitsX Indonesia, a subsidiary of Fazz Financial Group (FFG).

FFG has obtained publishing license e-money and transfer of funds from Bank Indonesia, through PT Cashfazz Teknologi Nusantara. StraitsX offers an alternative avenue for users to conduct financial transactions on behalf of customers who do not have access to a bank and/or do not have a bank account.

Head of StraitsX Aymeric Salley said, “Google research shows that 66% of Indonesia's 275 million people do not have a bank account. Along with the tremendous growth that is taking place in the fintech, blockchain and digital asset space in Indonesia, as well as the strong demand for stablecoin Denominated in Rupiah, XIDR provides an avenue to democratize, accelerate and open access to digital assets for individuals and businesses in Asia and beyond.”

XIDR has a vision to be stablecoin The most cost-effective Rupiah, with the waiver of fees for printing and exchanging XIDR via the StraitsX platform. In addition, transaction fees come out on top blockchain will be restricted, secure, and without the need for a third party.

Users can create a StraitsX account and earn XIDR tokens by transferring Rupiah to their bank account. XIDR is always convertible in a 1:1 ratio with Rupiah on the StraitsX platform. In addition, users can transfer, use and receive XIDR with a list of StraitsX ecosystem partners.

XIDR will be stablecoin The first Rupiah-denominated on the Zilliqa blockchain, enabling local users to access the dynamic Zilliqa blockchain. XIDR will be available on decentralized financial exchanges Uniswap, Zilswap, HaloDAO, VexSwap, LiteDex, Savvix & DFX finance, where users can exchange XIDR for other tokens such as XSGD, USDC, ETH & ZIL. Users can also earn rewards by providing liquidity with XIDR.

XIDR can be obtained immediately from partners exchange such as Cex.io, NovaDax, Omnidax, Tokenize Exchange and Coinut. Next, for analytics platforms such as Etherscan, Viewblock, Coinmarketcap, Coinecko, Onchain Custodian, Merkle Science, and Elliptic, XIDR will also be available.

Previously, StraitsX released XSGD in October 2020, stablecoin The first Singapore dollar denominated stablecoin the largest non-USD fiat-backed. A year later, StraitsX revealed that XSGD digital asset transactions had reached more than S$2 billion on the StraitsX payment platform throughout 2021.

The growth of these transactions proves that investors' interest in digital assets as an investment alternative that offers liquidity and returns is increasing. It is hoped that XIDR can replicate the success of XSGD.

Before XIDR was present, there were already two developers who also provided stablecoin Rupiah. They are IDRT developed by Rupiah Token by leveraging the Ethereum and Binance Chain blockchain networks; and BIDR developed by Binance and Tokocrypto.

In Indonesia, crypto assets are increasingly popular, Ministry of Trade (Kemendag) as of July 2021 noted that the number of crypto investors has reached 7,4 million people, or nearly doubled from last year's 4 million people. The transaction value also experienced a surge to IDR 478,5 trillion, from 2020 of IDR 65 trillion.

This figure has exceeded the number of stock investors. Based on KSEI's data as of the end of October 2021, the number of capital market SIDs reached 6,75 million SIDs. This figure grew 74,15% from the position at the end of 2020 which was 3,88 million SID. As for the number of players exchange There are 13 companies that have obtained official permission from CoFTRA. They are: