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. Textile FX supports ten assets on the network and said it cleared a record $328,000 in daily onchain FX volume last week, letting users hold and move rupiah without converting to dollars.
Celo’s deepening stablecoin lineup
IDRX is the 33rd stablecoin live on Celo and follows a run of currency launches, including the Nigerian naira’s cNGN and the Tether-supported USAT dollar stablecoin that debuted on Celo earlier this year. Earlier this year, Ripio’s wFIAT stack brought six Latin American currencies to the network. The launch also coincides with the wind-down of Ethereum Layer 2 Lisk, which deprecates on 31 October and has pointed its Global South builders toward Celo as a migration destination.
“Celo gives that Rupiah a real FX market,” said Nathanael Christian, Chief Executive Officer at IDRX, adding that users can now move between the Rupiah and the rest of the world without leaving the chain.
Indonesia’s remittance and adoption tailwinds
The move targets Indonesia’s sizable cross-border flows: the country recorded $17.6 billion in remittance inflows in 2025 and ranks seventh in Chainalysis’ 2025 Global Crypto Adoption Index. Indonesia also ranks fourth globally in value received by DeFi protocols, according to Chainalysis. “IDRX is further strengthening Celo’s onchain economy, bringing users in Indonesia and throughout the world access to fast, low-cost, always-on FX markets and global payments,” said Dr. Markus Franke, Celo Core Co.’s Global Head of Stablecoins. The expansion adds another use case to a sector drawing growing attention, including institutional bets on stablecoin remittances.
