Indonesian bank prepares national stablecoin backed by the digital rupiah.

• Indonesia's Central Bank develops a stablecoin pegged to the rupiah.
• The project involves tokenized digital securities and the digital rupee.
• OJK expands oversight of stablecoin use in the country.

The Bank of Indonesia (BI) announced plans to launch a “national stablecoin” backed by the digital rupiah, as part of an effort to strengthen the local currency and modernize the country's financial infrastructure. The initiative involves issuing tokenized government bonds, which will be used as collateral for the new digital currency, as explained by Governor Perry Warjiyo during the [event/meeting/etc.]. Indonesia Digital Finance and Economy Festival and Fintech Summit 2025 , held in Jakarta.

Warjiyo described the project as “Indonesia’s national version of a stablecoin,” highlighting that the model will follow a similar ratio to international stablecoins backed by US government bonds. “We will issue Indonesian central bank bonds in digital format, a digital currency backed by government bonds, which is Indonesia’s national version of a stablecoin,” the governor stated.

The central bank's plan combines the digital rupee, already under development since 2022, with the new BI digital securities, which will serve as the basis for the system. The first phase of the project, called "Immediate State," was completed in 2024 with the creation of a Wholesale Digital Rupee Ledger, a fundamental part of the infrastructure of the future stablecoin.

According to the Bank of Indonesia, the digital rupiah will be integrated into national payment systems and financial infrastructure, allowing for more efficient and traceable domestic and international transactions. The proposal also aims to reduce dependence on the US dollar in regional transactions.

The Indonesian Financial Services Authority (OJK) is closely monitoring the rise of stablecoins and has strengthened its oversight of their use. Dino Milano Siregar, head of the OJK's Department of Technological Innovation and Digital Assets, stated that

"OJK ensures that stablecoins are included in the monitoring system of exchanges and in the supervision of each trader."

The move by the Bank of Indonesia follows a growing trend in Asia. Countries like Hong Kong and China are also exploring stablecoins backed by local currencies, such as the digital Renminbi and the e-HKD, in a joint effort to reduce the influence of the US dollar in the global stablecoin market and strengthen the region's digital monetary sovereignty.