Indonesia Launches Government Bond-Based Stablecoin, What’s the Project Like?

Updated

October 31, 2025

Gambar Indonesia Launches Government Bond-Based Stablecoin, What’s the Project Like?

Jakarta, Pintu News – Indonesia is taking a step forward in the digital finance ecosystem with the latest announcement from Bank Indonesia. Governor of Bank Indonesia, Perry Warjiyo, revealed plans to launch a national stablecoin backed by government bonds.

These digital financial products are expected to enhance the rupiah’s position in the global arena and strengthen the domestic financial structure. The initiative also marks a major step in the integration of digital currencies with existing payment systems.

Development of Digital Rupiah in Indonesia

Bank Indonesia has started the development of a central digital currency, known as digital rupiah, since 2022. This new product, referred to as digital central bank securities, is a tokenized version of government bonds. By combining the digital rupiah with government bonds, Bank Indonesia hopes to create stability and trust in digital transactions.

The product is dubbed as a national version of a stablecoin, similar to stablecoins backed by US government bonds. Bank Indonesia has finalized the first phase of the digital rupiah by the end of 2024, known as the “Immediate State”.

This phase includes the Proof of Concept for the Wholesale Rupiah Digital Cash Ledger. With this achievement, Bank Indonesia is poised to integrate the digital rupiah into the existing financial market and payment system infrastructure, supporting both domestic and cross-border transactions.

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Regulatory Support in Indonesia’s Digital Finance Ecosystem

At the Indonesian Digital Economy and Finance Festival and Fintech Summit 2025 in Jakarta, Warjiyo described this product as an innovation that will support Bank Indonesia’s three pillars. The three pillars are expanding acceptance and innovation, strengthening industry structure, and maintaining industry stability. With stablecoins backed by government bonds, it is expected to provide more security in digital transactions and strengthen the position of the rupiah.

The Financial Services Authority (OJK) has noted an increase in the use of stablecoins in Indonesia, especially after the rupiah depreciated to IDR 16,850 per US dollar in April 2025. Although stablecoins are not yet recognized as an official payment option, OJK recognizes their significant role in transaction volume and utility.

The OJK has included stablecoins in its exchange monitoring system and supervision of each merchant, with rules to comply with including anti-money laundering principles and regular reporting obligations by merchants.

Indonesia’s Strategy to Counter US Dollar Domination Through National Stablecoin Development

This initiative puts Indonesia on the same path as other Asian countries such as Hong Kong and China, which are also looking to develop stablecoins backed by their local currencies. The move is seen as an attempt to reduce the dominance of the US dollar in the stablecoin market. By adopting a similar model, Indonesia hopes to increase its financial sovereignty and reduce dependence on foreign currencies.

Bank Indonesia appears to be trying to catch up with other major countries that have shown interest in developing stablecoins backed by their local currencies. With this strategic move, Bank Indonesia aims to increase international confidence in the rupiah and strengthen the national digital economy.

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