- The new stablecoin will be available on Binance on June 1.
- It is the first non-dollar stablecoin on the platform.
One of the world’s largest cryptocurrency exchanges Binance launches a new sablecoin backed by Indonesian Rupiah (IDR). The new coin will be listed under the ticker BIDR, and it will be pegged to IDR 1:1. BIDR will be jointly supported by Binance and Tokocrypto.
Initially, the coin will be available for trading in BTC/BIDR, ETH/BIDR, BNB/BIDR, BUSD/BIDR and USDT/BIDR, which will start at 8:00 AM (UTC) on June 1, 2020. Currently, Binance users can start depositing BIDR to get ready for trading.
Binance IDR (BIDR) is a BEP2 stablecoin pegged 1:1 to the Indonesian Rupiah (IDR), jointly supported by Binance and Tokocrypto.
BIDR will join the long list of stablecoins available on Binance. Currently, the users of the cryptocurrency exchange can trade Paxos Standard Token (PAX), TrueUSD (TUSD), USD Coin (USDC), StableUSD (USDS) and Tether (USDT). However, all of them are pegged to the US Dollar, while BIDR is backed by Indonesian Rupiah.
Stablecoins are a type of cryptocurrencies that combine the benefits of digital assets and stability of the traditional assets. Their value is pegged to a value of fiat currency 1:1, which means a user can purchaser 1 stablecoin with 1 unit of the asset it is pegged to. Currently there are over 170 stablecoins and most of them are tied to the US Dollar.
Recently, the head of Binance Chanpeng Zhao noted that stablecoins were often used for donations, which would drive the mass adoption of digital assets.