Bank Indonesia to Launch “National Stablecoin” Backed by Government Bonds

Bank Indonesia (BI) is planning to issue a national stablecoin version, a digital currency backed by government bonds (SBN). The initiative was officially announced by Governor Perry Warjiyo during the Indonesia Digital Finance and Economy Festival and Fintech Summit 2025 in Jakarta, as reported by CNBC Indonesia.

According to Warjiyo, the central bank will issue digital central bank securities, tokenized forms of SBN, that will be fully backed by the digital rupiah, Indonesia’s central bank digital currency (CBDC). These new instruments are intended to serve as the country’s “national version of a stablecoin,” combining sovereign backing with the efficiency of blockchain technology.

“We will issue Bank Indonesia securities in digital form, the digital rupiah with underlying SBN, Indonesia’s national version of a stablecoin,” Warjiyo said during the summit.

This innovation represents one of Southeast Asia’s most advanced moves toward integrating blockchain into a national financial system. BI’s digital securities are expected to play a key role in enhancing liquidity, transparency, and settlement efficiency in Indonesia’s bond and monetary markets.

Regulation and Adoption: A Digital Shift in Finance

The digital securities initiative aligns with Indonesia’s broader digital finance transformation strategy, which emphasizes blockchain adoption, fintech innovation, and secure digital payments. 

Although stablecoins are not yet recognized as legal tender in Indonesia, regulators are already monitoring their use due to rising adoption in both payments and cross-border remittances.

Dino Milano Siregar, head of the Financial Services Authority’s (OJK) crypto and digital asset division, stated that the regulator enforces Anti-Money Laundering (AML) rules and periodic reporting standards for stablecoin traders. 

He noted that many of these assets already function as hedging tools, particularly those backed by “credible, tradable, and less volatile” assets.

Indonesia’s Growing Role in the Global Crypto Landscape

Indonesia’s embrace of digital finance has positioned it as one of the world’s fastest-growing crypto markets. The country ranked seventh in the 2025 Global Crypto Adoption Index by Chainalysis, placing fourth globally in DeFi transaction value and seventh in centralized exchange activity.

In August, local advocacy group Bitcoin Indonesia revealed that government officials are even exploring Bitcoin as a potential reserve asset, viewing it as a tool to stimulate long-term economic growth.

With the upcoming launch of its digital rupiah-backed stablecoin, Indonesia is becoming a regional leader in blending blockchain innovation with national monetary policy.