Indonesia to Launch National Stablecoin Backed by Government Bonds

Article Summary:

• Bank Indonesia is planning to launch a national stablecoin backed by government bonds (SBN).
• The digital stablecoin will be underpinned by the digital rupiah, the country’s central bank digital currency (CBDC).
• This move aims to integrate blockchain technology into Indonesia's monetary system.
• Indonesia's Financial Services Authority (OJK) is monitoring the use of stablecoins and enforcing AML compliance.
• Indonesia ranks seventh globally in crypto adoption.

Bank Indonesia (BI), the nation's central bank, is forging ahead with its initiative to introduce what it terms a "national stablecoin version," a digital currency collateralized by government bonds (Surat Berharga Negara, or SBN). This plan was publicly disclosed by Governor Perry Warjiyo during the Indonesia Digital Finance and Economy Festival and Fintech Summit 2025 held in Jakarta. The information comes from a report by CNBC Indonesia.

During the summit, Governor Warjiyo articulated that BI intends to issue digital central bank securities, which are essentially tokenized representations of SBNs. These digital securities will be backed by the digital rupiah, Indonesia’s central bank digital currency (CBDC). In essence, BI's projected digital securities will be derived from the digital rupiah and supported by government bonds, thereby creating Indonesia's interpretation of a national stablecoin.

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

The design of these digital securities is intended to complement BI’s overarching digital finance strategy. Should this plan come to fruition, it would represent a substantial advancement in incorporating blockchain technology into Indonesia’s monetary structure. While stablecoins do not currently hold the status of legal tender within Indonesia, the country’s Financial Services Authority (OJK) has begun scrutinizing their utilization due to their escalating relevance in payment systems and remittance services.

Dino Milano Siregar, who heads the OJK’s crypto and digital asset division, mentioned that the regulatory body is ensuring adherence to Anti-Money Laundering (AML) regulations and mandating periodic reporting for stablecoin traders.

Siregar further noted that, even in the absence of formal recognition as payment instruments, stablecoins are already being employed as hedging instruments, particularly those secured by credible underlying assets. “These assets are tradable and exhibit significantly less volatility compared to other cryptocurrencies,” he explained.

Indonesia has secured the seventh position in Chainalysis’s 2025 Global Crypto Adoption Index. The nation was ranked ninth in retail activity, seventh in centralized service value received, and fourth in decentralized finance (DeFi) value received.

In August, the local advocacy group Bitcoin Indonesia revealed that the Indonesian government has been exploring Bitcoin (BTC) as a potential reserve asset. They also stated that they have engaged with government officials to discuss how this approach could stimulate economic growth within the country.