Bank Indonesia Unveils Powerful National Stablecoin Backed by Government Bonds

• Bank Indonesia plans to issue a national stablecoin backed by government bonds.
• OJK enforces strict compliance rules for stablecoin traders in Indonesia.
• eCurrency Mint begins pilot testing the eAriary CBDC project in Madagascar.

Bank Indonesia (BI) has moved closer to launching its national stablecoin version, marking a significant milestone in the country’s digital finance roadmap.

Governor Perry Warjiyo announced the plan during the Indonesia Digital Finance and Economy Festival & Indonesia Fintech Summit 2025 in Jakarta on October 30.

The central bank intends to issue both a digital rupiah and digital securities, using government bonds (SBN) as the underlying asset. This asset will act as a digital version of Indonesia’s national currency, combining monetary stability with blockchain-based efficiency.

Warjiyo explained that the initiative will build on three key pillars: expanding innovation, strengthening the financial structure, and maintaining industry stability.

The coin, pegged to the rupiah, aims to offer secure and traceable transactions while reducing the volatility commonly seen in digital assets such as Bitcoin or Ethereum.

The plan aligns with Indonesia’s ongoing efforts to modernize payment systems and promote financial inclusion through digital transformation.

Also Read: Western Union Selects Solana to Power Its Global Stablecoin Network

OJK Tightens Oversight of Stablecoin Market

The Financial Services Authority (OJK) has reaffirmed its commitment to regulate the growing adoption of stablecoins in Indonesia.

Stablecoins, while not yet recognized as an exchange medium, continue to play an increasingly prominent role in Indonesian trade, remittance, and hedging transactions.

Dino Milano Siregar, the Head of the Financial Sector Technology Innovation Department of OJK, explained that stablecoins are currently integrated in the exchange monitoring system and must follow applicable surveillance standards in terms of compliance with Anti-Money Laundering rules and regular submission requirements for traders.

Siregar explained that stablecoins that are collateralized with trustworthy assets such as government bonds are less volatile and more transparent than other forms of cryptocurrency.

The regulator has ensured that legitimate assets’ cryptocurrency can smoothly function in Indonesia’s monetary system.

Madagascar Tests Its Own CBDC Model

While Indonesia is taking steps to launch a new stablecoin for the nation, it seems that even other countries, such as Madagascar, are not lagging behind in the race to launch digital currencies.

The nation has partnered with eCurrency Mint and PayLogic SA to launch the eAriary project in the current month. The eCurrency DSC3 technology was picked because it integrates well with the existing financial infrastructures in Madagascar.

The project will examine the compatibility of central bank-backed currencies with conventional banking structures while ensuring monetary stability.

However, these cases not only underscore the growing adoption of technologies such as blockchain and digital currency in emerging markets but are also expected to enhance resilience in the concerned economy.

Also Read: Stablecoin Rules Clarified as ASIC Defines New Crypto Guidelines: Report