Decentralized technology and sharding platform Harmony has disclosed plans to launch a stablecoin.
Backed by the Indonesia Rupiah (IDR), the stablecoin will be fully audited on Harmony. This announcement closely follows the launch of BUSD, a dollar-backed stablecoin brought to life by a partnership between Harmony and Binance. Apart from the Indonesia Rupiah stablecoin, plans are in place to launch two other stablecoins backed by the Indian Rupee (INR) and the USD dollar.
According to Harmony’s official announcement, the Indonesian Rupiah Token (IDRT) will allow local fintech and remittance firms to facilitate faster and cost-effective cross-border payments. Fully-regulated and audited, the stablecoin is a sure-fire way of ensuring cheaper and faster payments worldwide.
Details on the Indonesia Rupiah
With a daily trading volume of $10 billion and over $4.5 million in circulation, the Indonesian Rupiah (IDRT) is currently available on several exchanges including Binance, Upbit, Changelly, Liquid, and Pintu. Non-custodial wallets like Argent, TrustWallet, MyEtherWallet, Opera, etc also currently accept the ERC20 version of the IDRT token. However, rising Ethereum fees have largely prevented the adoption of the token for global transactions.
Every month, IDRT left in circulation is audited by external auditors. All results obtained from the audits are published and available to the general public.
Indonesia fintech space
With a teeming population of over 264 million citizens, Indonesia stands as an excellent test subject on how decentralized tech can transform local markets. Over the last few years, the country has experienced exponential growth in its fintech space. The country’s interest in the blockchain and digital asset space has also spiked in recent times especially in relation to cross-border payments.
According to reports, Indonesia’s e-payment sector is estimated to be valued at $35 billion in 2020. Rupiah token on Harmony will provide users with fast and cheap payments. With the partnership, users will also be able to easily convert fiat currencies to stablecoin and vice versa.
Together both parties will ensure seamless operations with crypto wallets, e-commerce providers, and fintech enterprises.
Harmony further confirmed the announcement on Twitter.
📢 Delighted to announce the launch of our 1st non-USD #Stablecoin!
🌏 Indonesian fiat-backed @RupiahTokenIDRT builds upon our cross-border payments strategy.
— Harmony (@harmonyprotocol) July 24, 2020
Speaking on the announcement, Stephen Tse, CEO of Harmony disclosed that Indonesia holds great prospects for Harmony. Adding that “Rupiah Token is a trusted partner […]. They bring a great combination of a reliable local fintech infrastructure and new age stable digital assets, like the Rupiah Token.”
Director of Rupiah Token, Shabrina Adani said the partnership is sure to bring success to both Rupiah Token and Harmony.
Harmony also recently announced the launch of its Staking Epoch.