IDRX Rupiah Stablecoin Goes Live on Celo With Textile FX Liquidity

The Indonesian Rupiah stablecoin IDRX, issued by PT IDRX Indo Inovasi, went live on the Celo network on 15 September, according to an announcement from the Celo Foundation.

The deployment makes the rupiah the 20th global currency tokenized on the payments-focused blockchain and adds a regulated, fiat-backed asset to a network whose stablecoin ecosystem now processes $6.2 billion in monthly volume.

Backed 1:1 with day-one FX liquidity IDRX is backed one-to-one 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 network Textile FX, born out of the Celo ecosystem, is a day-one partner quoting IDRX against Tether’s USD₮ with institutional liquidity led by Tribeca Park Capital.