XIDR
Crypto Overview
Overview
XIDR is a stablecoin cryptocurrency pegged to the Indonesian Rupiah (IDR) issued by StraitsX, a subsidiary of Xfers Pte Ltd, a licensed financial institution in Singapore. The token operates on multiple blockchains including Ethereum and Zilliqa.
Purpose and Utility
XIDR serves as a digital representation of the Indonesian Rupiah, designed to facilitate cross-border transactions, remittances, and digital payments within the Indonesian market. Each XIDR token is backed 1:1 by IDR held in regulated financial institutions.
Business Model and Operations
The stablecoin operates under a transparent model where users can mint XIDR by depositing IDR and redeem XIDR for IDR through regulated channels. The backing reserves are regularly audited and publicly reported. StraitsX generates revenue through transaction fees and currency exchange services.
Real-World Adoption
XIDR has established partnerships with various cryptocurrency exchanges and payment platforms in Southeast Asia. It is actively used for remittances, trading pairs on cryptocurrency exchanges, and digital payments in Indonesia.
Platform Development
The platform maintains regular technical updates and security improvements. The development team actively manages the smart contracts and infrastructure supporting the stablecoin.
Token Distribution and Governance
As a stablecoin, XIDR's supply is directly tied to user deposits of IDR. There is no pre-mine or founder allocation, as tokens are minted and burned based on actual fiat deposits and withdrawals.
Crypto Impact
To assign a comfort level investing in XIDR from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to XIDR.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.