Rupiah Token Issued IDRTB Stablecoin on Binance Chain
By Anthony Thio & Rupiah Token Team
Jakarta, 17 August 2019 — On this 74th Indonesian Independence Day, Rupiah Token team proudly announces that we issued IDRTB, the first Indonesian Rupiah-collateralized Stablecoin on Binance Chain!
Background
We, PT Rupiah Token Indonesia, are the creator and issuer of IDRT, an ERC-20 token that is the first stablecoin backed by Indonesian Rupiah. After the launch of IDRT in early 2019 on the Ethereum mainnet, we have been hard at work adding accessibility for both domestic and international users.
Now, on this 74th Indonesian Independence Day, we proudly announce that we have added a new blockchain protocol for Rupiah Token: Binance Chain! Our Binance Chain token, IDRTB, is built on the BEP-2 token standard, and we are very excited to introduce the first Rupiah stablecoin to the ecosystem.
Multiple Firsts for Rupiah Token and Binance Chain
The issuance of IDRTB on Binance Chain is a significant milestone for both Rupiah Token and the Binance community as it will be the first Southeast Asian Fiat-backed Stablecoin on Binance DEX. In addition, we plan to propose listing of IDRTB as a cross-currency listing pair on Binance DEX with other stablecoins in Binance Chain.
Frequently Asked Questions
Why Binance Chain?
We are a blockchain-agnostic company and believe that each blockchain has its own edge. With the Binance Chain, we believe that there is an incredible use case for building a decentralized exchange (DEX) with one-second block confirmation times and ability to process thousands of transactions a second. Furthermore, we believe that Binance DEX, the decentralized exchange feature developed on top of the Binance Chain blockchain, provides a safer mechanism for end-users to trade as they maintain control over their private keys and trade directly wallet-to-wallet.
What is IDRTB?
IDRTB is basically the Binance Chain version of IDRT. One IDRTB is a 1:1 representation of an Indonesian Rupiah on the Binance Chain. Each IDRTB is 100% collateralized by a corresponding IDR held in accounts subject to regular public reporting of reserves and is kept in an Indonesian Bank account. PT Rupiah Token also serves as an on/off ramp for customers to purchase/redeem their fiat for IDRT and IDRTB.
Why IDRTB?
If IDRTB listing proposal to the DEX is approved by validators, IDRTB will be the first non-USD stablecoin to launch on Binance DEX. We believe that this listing will open a world of new opportunities for the economy:
- The addition of IDRTB on the Binance Chain will offer Indonesian traders a better experience when accessing the Binance DEX, as all trades can be done and settled in Rupiah.
- There is already at least one USD-based stablecoin, USDSB, listed on Binance Chain. If IDRTB received enough votes to get traded against USDSB, the Binance DEX ecosystem will be one step further in creating multi-currency stablecoin pairs that opens the door for 24/7 forex trading, import/export settlement, and real-time international remittance.
When will IDRTB be listed / tradable in Binance DEX?
We will submit proposals for listing IDRTB against other Binance Chain assets on the DEX over the coming weeks.
Where can I purchase or redeem IDRTB?
Just like IDRT, you will be able to Purchase or Redeem IDRTB directly at https://rupiahtoken.com. 1 IDRTB can always be purchased for 1 Rupiah, or redeemed back into 1 Rupiah (minus 0.5% fee + bank transfer fee if any). This will be available by end of August 2019, stay tuned!
Can I swap IDRT with IDRTB and vice-versa?
We will allow swapping of IDRT with IDRTB in our website. The feature is still under development, and we expect to enable this in September 2019.
In the long run, we are exploring opportunities to list IDRTB / IDRT trading pair on Binance.com for more options and user convenience. Stay tuned!
Detailed Implementation Explanation
IDRTB Set-up
Due to the way the Binance Chain is structured, we cannot frequently mint and burn IDRTB. Instead, we used the following approach:
- We minted max supply (90 billion) of IDRTB, which we transferred into a secure Treasury Wallet. Then, we froze all 90 billion IDRTB tokens.
- Whenever we need to introduce IDRTB into circulating supply, we will unfreeze the IDRTB from Treasury Wallet and send it to recipient address.
- Frozen IDRTB on the Treasury Wallet are not collateralized by Fiat Rupiah. Unfrozen IDRTB (in circulation) will be backed 1-to-1 by Fiat Rupiah (just like our ERC-20 stablecoin, IDRT).
Introducing IDRTB into circulation
When we need to introduce more IDRTB into circulation, the following steps will be taken:
- IDR fiat currency will be added to Rupiah Token reserve
- An equivalent amount of IDRTB will be unfrozen from Treasury Wallet
Removing IDRTB from circulation
When we need to reduce IDRTB from circulation, the following steps will be taken:
- IDRTB will be sent to Treasury Wallet and frozen
- An equivalent amount of IDR fiat currency will be removed from Rupiah Token reserve.
Transparency
Both IDRT and IDRTB (unfrozen) are fully backed 1:1 by Rupiah in our reserves, as follows:
- Total IDR fiat in reserve bank = Total IDRT in circulation + Total IDRTB in circulation
- Total IDRTB in circulation = 90 billion (max supply) — frozen IDRTB in Treasury Wallet.
Frozen IDRTB are not in circulation and not backed by IDR.
To ensure transparency, the public can audit us as follows:
- Total IDR fiat in reserve bank can be found from audit reports that we will regularly publish
- Total IDRT in circulation can be found on block explorer such as Etherscan: https://etherscan.io/token/0x998FFE1E43fAcffb941dc337dD0468d52bA5b48A
- Total Frozen IDRTB can be found on our Treasury Wallet using Binance Chain Explorer (bnb1680p84ypjz4ee7xfrr4hyaln70a37uxp7lnh4e)
About Rupiah Token
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. Since our establishment in January 2019, we have been hard at work developing our service in Indonesia and listing our tokens on reputable exchanges and other cryptocurrency players.
Follow our Medium blog to stay up-to-date with our latest announcements!
Contacts:
Website: https://rupiahtoken.com/
Telegram: https://t.me/rupiahtokenindonesia
Twitter: https://twitter.com/RupiahTokenIDRT
Customer support: [email protected]
Partnerships & Investors: Jeth Soetoyo, CEO — [email protected]
Rupiah Token Issued IDRTB Stablecoin on Binance Chain was originally published in Rupiah Token Blog (EN) on Medium, where people are continuing the conversation by highlighting and responding to this story.
