Indonesia Moves to Pair its CBDC with a Stablecoin Anchored to Government Bonds

Bank Indonesia (BI) is moving to pair its digital rupiah with a bond-backed “national stablecoin version,” laying the groundwork for tokenized central bank securities tied to government bonds (Surat Berharga Negara, or SBN). Governor Perry Warjiyo revealed the plan at the Indonesia Digital Finance and Economy Festival and Fintech Summit 2025 in Jakarta, saying the central bank will issue Bank Indonesia securities in digital form backed by SBN and anchored to the digital rupiah. In practice, the initiative would mint on-chain securities derived from the CBDC and collateralized by sovereign debt—positioning Indonesia to integrate blockchain rails directly into its monetary toolkit.

The program fits into BI’s broader digital finance roadmap and signals a pragmatic approach to public-sector stablecoin design. While private stablecoins are not legal tender in Indonesia, regulators have been tightening supervision as usage accelerates across payments and remittances. The Financial Services Authority (OJK) said it now monitors stablecoin activity, enforces Anti-Money Laundering controls, and requires periodic reporting from market participants.

According to Dino Milano Siregar, who leads OJK’s crypto and digital assets division, stablecoins are already used domestically as hedging tools when backed by credible assets, offering lower volatility than most cryptocurrencies. Formal recognition as a payment instrument remains off the table for now, but oversight is rising in step with adoption.

Indonesia’s crypto footprint continues to expand. The country ranked seventh in Chainalysis’ 2025 Global Crypto Adoption Index, placing ninth in retail usage, seventh for value received via centralized services, and fourth in DeFi value received. Momentum extends to the policy arena: in August, advocacy group Bitcoin Indonesia said government officials have explored adding Bitcoin to national reserves and held meetings to examine how such a strategy could support growth.

If executed, BI’s bond-backed, CBDC-linked digital securities could become one of the world’s most significant experiments in sovereign stablecoin design—bridging traditional government debt markets and programmable money.