StraitsX, a Singapore-based digital assets platform, has launched StraitsX Indonesian Rupiah (XIDR), an Indonesian rupiah denominated stablecoin.
The Xfers team / Photo credit: Xfers
It will be available on the Ethereum blockchain as an ERC-20 token and on the Zilliqa blockchain as a ZRC-2 token.
XIDR aims to be the most cost-effective Indonesian rupiah stablecoin, offering free bank transfers in and out for users and capping network fees at 50,000 XIDR. The company is also waiving the XIDR transfer out fee for a limited time.
“XIDR presents a way for the unbanked population to gain access to financial services. It also represents our next step to enabling, [democratizing,] and accelerating access to digital assets for individuals and businesses in Asia and beyond,” said Aymeric Salley, head of StraitsX.
Prior to XIDR, StraitsX launched the first Singapore dollar denominated stablecoin called XSGD. StraitsX is the payments infrastructure for digital assets space in Southeast Asia developed by Singapore-based fintech company Xfers.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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