Hassan Maishera
On Tuesday, the Celo Foundation announced via X that the leading fiat-backed Indonesian Rupiah stablecoin IDRX, issued by PT IDRX Indo Inovasi, has launched on Celo.
IDRX marks the 20th global currency tokenized on Celo and the 33rd stablecoin live on the network. Celo’s network is connecting global money to local users at scale, surpassing 450K Daily Active Users (DAUs) through a robust ecosystem of payments, onchain FX trading, remittances, and DeFi solutions.
IDRX is backed 1:1 by Rupiah-denominated reserves, held as fiat and Indonesian government bonds at regulated financial institutions, with reserve documentation published by the issuer and audited by independent third parties.
Crosschain FX liquidity network Textile FX, born out of the Celo ecosystem, is a day-one partner, offering IDRX trades against Tether’s USD₮ with institutional liquidity led by Tribeca Park Capital. Textile FX now supports ten assets on Celo, and last week cleared a new all-time high daily volume of $328K in onchain FX on the network.
The 1:1-backed Rupiah stablecoin follows cNGN, the Naira stablecoin regulated by Nigeria’s SEC, USA₮, the US Dollar stablecoin issued by Anchorage Digital Bank and supported by Tether, and Ripio’s wFIAT stack, which brought Argentine Peso, Brazilian Real, Mexican Peso, Colombian Peso, Chilean Peso, and Peruvian Sol stablecoins to Celo.
Celo is a carbon-negative, permissionless blockchain with a rich ecosystem of global partners building innovative Web3 dapps to support a more inclusive financial system.
Accessible to anyone with a mobile phone, the Celo ecosystem consists of a decentralized, proof-of-stake blockchain technology stack (the Celo platform), the CELO governance asset, and several Mento stable assets (cUSD, cEUR, cREAL) that enable real-world users to use digital assets.
The open-source Celo mainnet launched on Earth Day 2020. The Celo community passed an indicative on-chain governance proposal (temperature check) to have Celo migrate to an Ethereum layer-2. Google Cloud, Deutsche Telekom, Telefonica, and many others run validators on the Celo Platform.
Today, the Platform supports 1,000+ projects in over 150 countries that are building on Celo to help create the conditions of prosperity for all.
CELO is down 7.3% in the last 24 hours and currently trades at $0.07621.
