Exploring the Role of Stablecoin as the Future of Cryptocurrencies
Are you among those who are worried about the high volatility of crypto assets? What if there are crypto assets with more stable prices? You definitely don’t want to miss this one. Especially if you are a crypto maniac!
In a series of panel discussions titled “Stablecoin & The Future of Currencies” held at Capitol 16, Rupiah Tokens collaborates with Tokocrypto, a cryptocurency exchange, and Digix, a stablecoin backed by gold, in educating the public about the security of currency transactions crypto by using stablecoin—crypto assets that are backed by commodities such as gold or fiat currencies.
During the discussion, Anthony Thio as Chief Product Officer (CPO) of Rupiah Token explained the role of stablecoins as a new class of crypto assets that offer price stability because they are backed by real asset. The Rupiah Token (IDRT) itself is a token on the blockchain whose price is stable because it is supported by 1: 1 with rupiah currency reserves at Indonesian bank. IDRT is available on two blockchains at the moment: Ethereum (as ERC-20 token) and Binance Chain (as BEP-2 token).
“Although there are a lot of stablecoins circulating in the crypto world, there hasn’t been a single Rupiah stablecoin on the blockchain. Rupiah Token is here to solve the problem. We aim to provide Indonesian with a safe and easy way to use rupiah on the blockchain, such as for crypto trading on global crypto exchanges. Currently, IDRT can be used on several exchanges such as Binance Dex, Uniswap, DDEX, Bamboo Relay, and DEX.AG,” Anthony explained in his presentation.
Besides stablecoins whose value is backed by fiat money, there is also a type of stablecoin whose value is equivalent to gold, such as Digix (DGX). The Digix token is backed by gold reserves, where 1 DGX represents 1 gram of gold in The Safe House Singapore. The DGX token is offered on the Ethereum blockchain and uses the Proof of Provenance protocol, where every document related to the purchase, storage and audit of each piece of gold is uploaded for public viewing.
Back to Rupiah Token, the process of purchasing IDRT is very fast and easy. You only need to deposit money into Rupiah Token custodian bank account. Then, an equivalent amout of IDRT will be sent automatically to your crypto wallet address. All this process only takes less than five minutes.
“This is the first time Indonesians can save Rupiah on the blockchain with their own private key. So they have full control over their money without having to depend on others,” Anthony added.
For long-term plans, Rupiah Token wants to make stablecoin can be used to conduct financial transactions between countries, such as cross-border remittances and also global inbound donations.
About Rupiah Token
Established in January 2019, PT Rupiah Token Indonesia is a venture-capital backed startup based in Jakarta, Indonesia. As a leading Blockchain technology company, our mission is to boost the acceptance of Indonesian Rupiah worldwide and accelerate the transition to a more inclusive and open financial system. We are the creator and issuer of Rupiah Token (IDRT), the first stablecoin that is backed 1:1 by Indonesian Rupiah. IDRT is now supported in various cryptocurrency exchanges (such as DDEX, Uniswap, and Binance DEX) and wallets (Trust Wallet, Ledger Nano S, etc).
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