Proposal to List XIDR_USDC pair Proposal

DFX Proposals
1

Title: Add XIDR/USDC Pool

Summary

  • StraitsX will launch its second stablecoin StraitsX Indonesian Rupiah (XIDR) following Singapore Dollar (XSGD) as the first stablecoin from StraitsX and the largest non-USD asset backed stablecoin in the world.
  • The XIDR token is collateralized with Indonesian Rupiah stored in StraitsX reserve to ensure that the token value will always be at a 1-to-1 peg to Indonesian Rupiah.
  • XIDR will be available 24/7 and receive support through Ethereum (ERC-20) blockchain.
  • Minting XIDR can be done directly through the StraitsX platform. Users will be required to first transfer in Indonesian Rupiah (IDR) into their StraitsX Account.
  • StraitsX partnered with smart contract audits prepared by Quantstamp, the protocol for securing smart contracts.
  • XIDR is not a security (financial product) under Indonesian law (opinion via legal partner HHP)
  • XIDR Website: http://straitsx.com/id - not yet live prior to launch
  • XSGD Website: https://www.straitsx.com/

Motivation

  • Indonesia is the most populous country in South East Asia with 270 million people and explosive economic growth, recently Indonesia is qualifying for upper-middle income status.
  • Indonesian Rupiah (IDR) is the official currency of the Republic of Indonesia.
  • Indonesian Rupiah (IDR) is the 25th most traded currency in the world
  • Indonesian Digital Assets Authority (BAPPEBTI) recorded the historical increase of Digital Assets transactions among Indonesian users in 2021, which is eight times higher than 2020.
  • Indonesia will be a big potential user adoption and XIDR strategically will be supported by a versatile ecosystem of a number of digital asset platforms ranging from non-custodial wallets to institutional custody solutions, exchanges, DeFi platforms, and Blockchain analytics tools.

Specifications

XIDR ERC-20 token contract address: 0x78fe13802Ba4E487F69c87850eA557CfC292b472

Source Code ERC-20 balances on Etherscan

White paper

For

  • Supporting XIDR will provide the opportunity to attract new users from Indonesia to DFX since the interest of cryptocurrency in Indonesia is hugely increasing.
  • Safe for XIDR users as XIDR audit is already prepared by Quantastamp.
  • XIDR serves as an on-off ramp to Digital Assets markets in Indonesia, making trading faster and safer for ASEAN-based institutions and individuals.
  • XIDR is counted out to six decimal places, the same as USDC and has been battle tested the same as XSGD.
  • XIDR can enable instant cross-border settlements, freeing up significant amounts of locked capital in the forex markets and removing most international transaction fees.

Against

  • XIDR is a new stablecoin.
  • XIDR may reduce some pool demand at DFX
3 Likes
3
  • Yes
  • No

0 voters

2 Likes