Rupiah Token
IDRT
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AI Analysis
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IDRT (Rupiah Token) is an Indonesian Rupiah-pegged stablecoin issued by PT Rupiah Token Indonesia. While it maintains a clean security record with no documented hacks, exploits, depegs, or regulatory enforcement actions since its launch in 2019, the project is in a state of severe stagnation and atrophy. Active development is strictly maintenance-only with no new roadmap or protocol updates, and its sole formal smart contract audit dates back to October 2019. The project exhibits significant centralization risks via an upgradable proxy contract and lack of publicly verifiable, real-time reserve attestations. Market adoption and utility have declined dramatically, with circulating supply contracting by over 90% from historical highs, 24-hour trading volumes dropping to near zero, and user activity falling to fewer than 500 monthly active addresses. With no organic community presence and minimal liquidity across secondary markets, the asset offers limited utility and carries elevated counterparty concentration risks.
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Tokenomics
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Market & Use Case
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Team & Governance
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Security & Audits
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About Rupiah Token (IDRT)
IDRT (Rupiah Token) is a fiat-collateralized stablecoin pegged 1:1 to the Indonesian Rupiah (IDR), issued by PT Rupiah Token Indonesia. Established in 2019 as an on-chain representation of the Indonesian currency, the token operates across multiple blockchains, including Ethereum, BNB Chain, and Polygon. It operates without a fixed maximum supply, expanding and contracting dynamically based on fiat deposits and redemptions processed directly through the issuer.
The project operates under a strictly centralized governance model managed by PT Rupiah Token Indonesia, with no decentralized autonomous organization (DAO) or token-holder voting mechanisms. Technical management relies on administrative multisig controls and an upgradable proxy contract structure on BNB Chain. The token's smart contracts underwent a formal security audit by CertiK in October 2019, with no subsequent smart contract audits conducted. While the issuer cites reserve auditing by Johannes Jura & Rekan, publicly verifiable, real-time reserve attestations are not accessible on-chain.
IDRT has experienced significant market contraction and reduced network activity. From historical circulating supply peaks of $88 million, the token's market capitalization has fallen to between $2.19 million and $4.95 million, reflecting a contraction in outstanding supply of over 90%. Daily secondary market trading volume has dropped to near-zero levels, and monthly active addresses have declined below 500. Protocol development remains in a maintenance-only state, though operational mint and redeem functions continue and the project has no recorded history of smart contract exploits or regulatory enforcement actions.