StraitsX Launches Stablecoin

Source: Blockworks

StraitsX, a crypto platform, is launching StraitsX Indonesian Rupiah (XIDR) stablecoin. According to the company, the XIDR runs on both Ethereum and Zilliqa blockchains, with each token fully receiving backing by one Indonesian Rupiah. The StraitsX ecosystem also supports it.

The StraitsX has been given the full mandate to issue XIDR.  The company is an Indonesian Sub of the Fazz Financial Group which has obtained a license for the E-money Issuance from the Bank of Indonesia.

The mission of stablecoin is to empower the citizens and promote the acceptance of digital finance. StraitsX offers its users an excellent option to make their financial transactions more accessible, especially those that do not use banks.

According to Salley, the strong desire to have a trusted and compliant stablecoin XIDR will give the unbanked people access to financial services. He adds that for their next step, they will be ensuring that they enable, democratise, and speed up the access of virtual assets for both the people and businesses.

Now Indonesian citizens can make sign-ups for the StraitsX account to get XIDR tokens. The process will be simply because they will just need to make transfers of the Rupiah from their bank accounts. The conversion is automatically done for users on StraitsX. After, the amount will reflect into their accounts in the XIDR tokens.

XIDR is now the second-largest stablecoin on StraitsX after XSGD

What Are Stablecoins?

The introduction of Bitcoin brought with it Altcoins, which are flooding the crypto market to date, among these being stable coins. Most of the Stablecoins are cryptos holding the dollar value, meaning 1 stablecoin is equal to $1.

Moreover, with these coins, you have a chance to protect your money against or any other risks. Some of the well-known stablecoins include Tether (USDT), True USD (TUSD), MakerDao (DAI), and others. 

No firm or state controls stable coins. In addition, there is also no attachment of stablecoins to political, social, or other financial factors. The coins act as a means between crypto and cash. If the crypto whales converted their BTC into stablecoin, the price would just sink.

Stablecoins value is permanently stable, meaning, the amount does not fluctuate at any point. However, there are cryptos like DAI which do not need to be controlled by the banks. Dai uses smart contracts on the ETH chain managing security.

There are three types of stable coins. Some use real-world security (Money), others use cryptocurrency security(like ETH) like DAI and Havven, and others use no security. Basis and Carbon are good examples of the latter.

Are Stablecoins worth Holding

There are over 2200 stablecoins in the crypto industry. Stablecoins can help you when you do not know what coins to invest in. it’s much advisable to store your crypto in stablecoins; Furthermore, crypto can turn into a sea of red, and if you have your coins, you may get a chance to buy the dip of any crypto and make your profit.

Other Benefits of Holding Stablecoins

There are other benefits of holding stablecoins in your wallet or exchanges like Binance and coinbase.

  • You will enjoy low fees and safe transactions.
  • Stablecoins are stable and securely have backing security.
  • It helps users to make better decisions as the bearish market does not affect them.