Catenaa, Wednesday, November 05, 2025- Bank Indonesia announced a new central bank digital currency (CBDC) model combining government bond backing with stablecoin mechanics, positioning the digital rupiah as a sovereign, asset-backed token.
Governor Perry Warjiyo said the digital rupiah will be supported by tokenized central bank securities, known locally as Surat Berharga Negara, providing stability through underlying government bonds.
The approach integrates the security of a central bank-issued currency with the transparency and programmability of blockchain, creating a “national stablecoin.”
The initiative builds on Project Garuda, which tested distributed ledger platforms such as Corda and Hyperledger Besu in December 2024.
The bond-backed model aims to speed up settlements, reduce costs, and enhance liquidity for interbank transactions while maintaining financial stability and public trust.
The rollout will occur in phases, starting with wholesale interbank transfers before expanding to retail usage. Officials emphasized that the CBDC differs from private stablecoins, which carry issuer and credit risks, by being a direct liability of the central bank.
Bank Indonesia also highlighted interoperability with existing payment networks and international standards like ISO 20022, aiming to balance monetary policy control, faster payments, and regulatory oversight.
The digital rupiah enters a rapidly growing domestic crypto ecosystem. Indonesia recorded roughly $30 billion in crypto transactions by late 2024, up 352% from the previous year, with over 21 million active traders. The crypto industry contributed $4.4 billion to GDP and supported more than 333,000 jobs.
