The archive · Money & Fintech · Product decision · 2024–2025
IDRX bets a rupiah stablecoin anchors Indonesia's payments; US$90M+ volume by 2025
IDRX launched a rupiah-pegged stablecoin in early 2024, passed US$90M in transactions, and raised a Telkom-backed pre-seed in Sept 2025.
IDRX
What the business is
A rupiah-pegged stablecoin (IDRX) with transparent on-chain minting and redemption, aimed at cross-border payments into and out of Indonesia.
Starting capital：US$300K pre-seed led by eMerge by MDI Ventures, with Indodax, MANSA, Lisk, and Camp Investment Technologies (announced Sept 2025)
How it started
IDRX launched in early 2024 as a pioneer rupiah-backed stablecoin project, betting that Indonesia's digital economy needed a rupiah-denominated on-chain settlement asset rather than dollar stablecoins.
What happened
By Sept 2025 it reported over US$90M in cumulative transaction volume. That month it closed a US$300K pre-seed led by eMerge by MDI Ventures (Telkom's early-stage arm), with crypto exchange Indodax as local strategic partner, to fund security, regulatory compliance, and adoption.
How it ended up
Still live and expanding adoption; positioned as institutional- and regulator-ready infrastructure for rupiah digital payments.
Background
IDRX is an Indonesian startup building a rupiah-pegged stablecoin for cross-border payments into and out of Indonesia. Launched in early 2024, it offers transparent minting and redemption so users can convert between rupiah and the IDRX token without an opaque exchange layer, positioning the rupiah itself as the settlement asset in digital transactions.
By September 2025, IDRX reported more than US$90 million in cumulative transaction volume — roughly Rp1.4 trillion — about 18 months after launch. That same month it raised a US$300,000 pre-seed led by eMerge by MDI Ventures, the early-stage investing arm of state-owned Telkom Indonesia, joined by crypto exchange Indodax, MANSA, Lisk, and Camp Investment Technologies.
CEO and co-founder Nathanel Christian framed the bet as national rather than purely commercial: making the rupiah the default currency of Indonesia's digital economy and preparing technical, regulatory, and public-education foundations so regulators and institutions can adopt the token. Investors described IDRX as a pioneer stablecoin project that could redefine the rupiah's role in global digital finance.
What has to be true
- Most crypto payments in Indonesia settle in dollar stablecoins, leaving the rupiah out of the fastest-growing payment corridor.
- A Telkom-linked investor and Indodax's partnership gave IDRX local legitimacy that foreign stablecoin issuers lack.
- US$90M+ in volume within 18 months, before any major marketing round, suggests real demand for rupiah-denominated settlement.
- The bet depends on Indonesian regulators eventually embracing a private rupiah stablecoin, which is still unresolved.
What can be applied
A local-currency stablecoin can win trust by selling compliance, transparency, and local settlement rails — but at US$300K pre-seed, the market-fit evidence is still a promise, not proof.
Aftermath
As of Sept 23, 2025, IDRX is live with over US$90 million in cumulative transaction volume and is using its pre-seed to strengthen security, compliance, and adoption. It is courting institutional users and preparing the ecosystem for regulator and government engagement, but has not disclosed larger funding rounds or formal regulatory approvals.
Sources
- IDRX Kantongi Pendanaan Awal Rp4,9 Miliar, Bangun Stablecoin Rupiah
- Startup Kripto IDRX Dapt Modal Rp4,8 Miliar
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