Rupiah Token price is $0.00006143
| Market Rank | #1356 |
|---|---|
| Market Cap | $ 17.9M |
| Volume 24h | $ 8.4K |
| Circ. Supply | 291.1B |
| Total Supply | 291.1B |
| Max Supply | ? |
As of the latest data, Rupiah Token (IDRT) has increased to a price of $ 0.00006143. Its 24-hour trading volume is 8.4K, indicating how much of the token has been traded in the past day.
Rupiah Token (IDRT) is a stablecoin which aims to mirror the value of the Indonesian Rupiah (IDR). It is designed to be pegged 1:1 to the Indonesian currency, meaning that for each IDRT, there is an equivalent amount of fiat Rupiah held in reserve. This reserve is kept in Indonesian bank accounts, which ensures that the token is fully collateralized. The Rupiah Token's goal is to widen the usage of the Indonesian Rupiah globally and to contribute to creating a more accessible and decentralized financial ecosystem.
Rupiah Token operates on the principle of being a stablecoin, where each IDRT represents one Indonesian Rupiah stored in a bank account. Users can exchange their IDRT for real Rupiah, and vice versa, through the platform provided by the Rupiah Token team. This stability and direct link to a fiat currency offer a less volatile option for cryptocurrency users, particularly those dealing with or interested in the Indonesian economy and assets.
The uniqueness of Rupiah Token (IDRT) lies in its focus on the Indonesian Rupiah and its distinction as the first and most widely adopted stablecoin tied to the IDR. Its operations are aimed at increasing the acceptance of the Rupiah in a digital format across borders, providing Indonesians and international traders with a convenient way to transact with IDR on the blockchain.
Rupiah Token maintains its value through a process called collateralization. Each IDRT is equivalent to one Rupiah held in reserves. This method ensures that the value of IDRT remains stable and tied closely to the worth of the underlying fiat currency, the Indonesian Rupiah. The Rupiah Tokens can be redeemed for their equivalent Rupiah value, giving confidence to users in the token's stability.
The collateral system for IDRT is straightforward. For every IDRT issued, there is an equivalent amount of Indonesian Rupiah that the company has deposited in a bank account. These reserves can be audited and are meant to provide full transparency and trust in the token. This system is in place to ensure that the IDRT can maintain a stable value, reflecting that of the IDR.
The exact amount of Rupiah Token in circulation can change, and it is tied directly to the amount of IDR reserved to back it. As Rupiah Token operates with a 1:1 peg to the Indonesian Rupiah, the circulation supply of IDRT can be closely matched with the amount of IDR held in the collateral accounts.
Rupiah Token was created to facilitate a seamless and instant transfer of the Indonesian Rupiah on the blockchain, allowing users to enjoy the benefits of digital currencies while operating within the familiar framework of their national currency. This could lead to broader adoption of digital assets in Indonesia and enable a more inclusive financial system.
You can buy Rupiah Token (IDRT) on various HitBTC supporting the token. Considering it is a stablecoin, users will typically be able to exchange IDRT for IDR or other cryptocurrencies depending on the offerings of the exchange platforms.
Keeping your Rupiah Tokens safe is similar to securing other cryptocurrencies. It's critical to use reputable digital wallets, enable two-factor authentication, and keep your private keys confidential. Additionally, using hardware wallets can provide an extra layer of security for storing large amounts of IDRT off exchanges.
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