IDRX
IDRX is a stablecoin pegged one to one to the Indonesian rupiah, issued by PT IDRX Indo Inovasi in Jakarta. Reserves are held in rupiah deposits and government bonds and audited by third parties. It targets remittances and digital payments for Indonesians at home and abroad, and it runs on public blockchains.
IDRX is the first Indonesian rupiah entry in the catalogue: a young, regulated, audited fiat wrapper with credible remittance purpose but a very small circulating base, sitting one tier below the established regional issuers.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x3.0
One-to-one rupiah issuance backed by fiat deposits and government bonds. Debt-free but a single permissioned corporate issuer anchored to fiat.
Spending Power Stability2x3.0
Peg holds at Rp1.006 (CoinGecko, 2026-08-24) with third-party audits (Certik named). The anchor is the rupiah, a moderately inflating fiat, and no mechanism addresses long-term purchasing power.
Fiat Independence & Interoperability2x1.0
Hard IDR peg, fully fiat-asset reserves, a domestic banking loop and no interoperability standard of its own.
Traction2x2.0
Active and visible in 2026 (Ministry of Creative Economy showcase at MASA 2026 in Singapore, national press coverage in July 2026), but circulating supply is about Rp18.5B, roughly US$1M (CoinGecko, 2026-08-24). Young and small.
Sovereignty2.0
Single Jakarta-based corporate issuer operating under Indonesian regulation.
Governance2.0
Corporate discretion with published audits; no external or community governance.
Resilience2.0
Early-stage venture with reported Rp48B in early funding; no crisis history yet; fully dependent on Indonesian banking.
Inclusivity2.0
Aimed at diaspora remittances and low-cost digital payments, which serves a financially underserved corridor, but on-ramps are KYC-gated and benefits accrue to the issuer.