Announcing Fuse Partnership with Rupiah Token, #1 stablecoin in Indonesia

Published in

Fuse

5 min readJul 20, 2020

Cryptocurrencies’ high volatility has been a major concern for many crypto traders ever since the crypto boom marking fall 2017. It should therefore not come as a surprise to see the explosion of numerous different stablecoins arising in the past few years. One of the most exciting stablecoins from Indonesia to date is the Rupiah Token, which we can proudly call a member of the Fuse Network. Rupiah Token is currently one of the most popular stablecoins in Indonesia and is only growing bigger!

What are Stablecoins?

Stablecoins are a class of cryptocurrencies that attempt to offer price stability, provide more liquidity to markets, mitigate credit risk, and lower cross-border transaction fees and time. Any particular stablecoin is backed by the value of its respective fiat reserve asset. For example, the USD token (USDT) is backed by the value of the USD dollar in a 1:1 ration. Similarly, a Rupiah Token (IDRT) is backed by the value of an Indonesian Rupiah in the same ratio. The Indonesian Rupiah Token holds a special bank account dedicated to depositing the fiat Rupiah reserves in a local bank account in Indonesia. For trust and accountability purposes, the IDRT is audited by third-party accountants to conduct monthly audits of their bank accounts and IDRT tokens in circulation, certified by CertiK.

Indonesia — A Promising Crypto Landscape

With a growing population of over 272 million people, Indonesia takes 4th place in the world’s most populated countries, however, according to Asian Development Bank’s “Financial Inclusion in Asia ‘’ report, approximately 78% of the Indonesian population doesn’t own a bank account and about 64% of the population has internet access. These figures are pointing out an increasing need for disruptive financial change in a mostly cash owned economy.

On the other hand, Indonesians are becoming mainstream holders of cryptocurrencies. Although cryptocurrencies as payment instruments are banned by Indonesia’s central bank, trade of blockchain-based assets is allowed and practiced by many. There is an evident growing interest in cryptocurrency trading with about 11% of the Indonesian population currently owning cryptocurrencies. The Indonesian Rupiah Token team aims to target this growing market segment with a mission to provide Indonesian cryptocurrency traders access to global crypto exchanges and steepen the digital asset adoption curve via their ERC-20 compliant Rupiah Token, which combines speed, security, transparency, and other desirable characteristics of the Ethereum Blockchain.

Indonesian Rupiah Token (IDRT)

As mentioned earlier, Rupiah Token (IDRT) is the first Ethereum-based stablecoin which mimics the value of an Indonesian Rupiah. IDRT chose to build on top of the Ethereum blockchain to inherit the speed, security transparency, and other desirable characteristics:

Stable — IDRT is the first crypto-asset to mimic the value of an Indonesian Rupiah.
Reliable — IDRT leverages the world-renowned security and transparency features of Ethereum public blockchain.
Secure — IDRT Smart Contract is audited by CertiK. The audit certificate is located at the bottom of the IDRT main page.
Fast & Borderless — anyone with internet access can send, trade, and exchange IDRT to anyone, anytime, and anywhere within minutes, thanks to the power of Blockchain.
Trusted — the circulation of Rupiah tokens are regularly audited by an independent auditor.
Accessible — Built on top of Ethereum (ERC-20), Binance Chain (BEP-2), and Luniverse Chain, IDRT can be easily integrated with any other blockchain services.

You can learn more about the Rupiah Token team, partners, ways to purchase & withdraw IDRT and their whitepaper here. Read about the latest news on the IDRT project on their blog here and tune in into community conversations by joining their Telegram channel!

Fuse Partnership with IDRT

Sharing a common mission of digitizing ‘global’ economies, Fuse’s partnership with the Rupiah Token is imperative for streamlining the adoption of digital asset use in international communities. With joined forces, Rupiah Token and Fuse protocol will aim to widen the reach, adoption, and integration of digital assets in local economies. Acquiring the listing option of the Rupiah Token will allow Fuse to reach out towards the Indonesian growing cryptocurrency landscape, providing an option to trade and use the novel stablecoin integrated into the Fuse Studio and wallet app user panels, now available using leading crypto gateway aggregators Transak or Instant Ramp.

This integration will allow not only individuals but entire groups of people within a community or set up businesses to send and receive IDRT between one another. You can try it out and launch your own community today leveraging the benefits of fast transaction time, stunningly low fees, and barriers of entry. Visit our homepage to learn more about Fuse.io.

Lastly, we believe that our partnership with Rupiah Token provides our users with new ways and opportunities to turn their communities into digital economies, stimulating decentralized finance adoption in Indonesia and international markets.

Join our growing community on Medium, GitHub, Twitter, Telegram, Discord.

Sources:

Buchholz, K. (2020). Infographic: How Common is Crypto?. Retrieved 16 July 2020, from https://www.statista.com/chart/18345/crypto-currency-adoption/
11% of Indonesians own cryptocurrency. (2020). Retrieved 16 July 2020, from https://asiatimes.com/2020/03/11-of-indonesians-own-cryptocurrency/
Market Conditions Proving Favourable for Cryptocurrency Disruption in Indonesia. (2020). Retrieved 16 July 2020, from https://luxuothailand.com/featured/market-conditions-proving-favourable-for-cryptocurrency-disruption-in-indonesia.html