Textile and IDRX launch Indonesia FX trading on Celo

• IDRX, Indonesia’s regulated rupiah stablecoin, is live on Celo, and tradable against USDT on Textile from the first block.
• The 20th currency on Celo, and the first with a working FX market on the day it lands.

IDRX, Indonesia’s regulated rupiah stablecoin, is live on Celo, the most widely adopted network for stablecoin trading, with Textile quoting the market from day one.

There’s a quiet but important shift happening in how money moves across Southeast Asia, and today Textile becomes part of it.

Every currency Textile brings online gets asked the same question before it earns its place: can someone actually trade it, right now, at a price they can trust? Indonesia just became the latest market to answer yes.

IDRX, the fiat-backed, regulated Indonesian rupiah stablecoin, has officially launched on Celo. It’s the 20th currency and 33rd stablecoin to go live on the network. And from the very first block, Textile is there, quoting the market and giving IDRX a real, functioning FX rail against USDT from day one.

This isn’t a small milestone. Celo processes $6.2B in monthly stablecoin volume across 500K daily active users, and the addition of IDRX to that ecosystem opens a genuine trade corridor between Indonesia and the rest of the world. One with fewer middlemen, less currency risk, and none of the multi-day waiting that usually comes with cross-border transfers.

Textile is quoting IDRX against USDT from the moment it lands on Celo, which means that friction disappears for anyone using it. There’s no gap between “the currency exists on-chain” and “the currency can actually be traded”. The two happen at the same time.

Why this matters

Indonesia ranks 7th worldwide in crypto adoption and 4th in value received by DeFi protocols, with real activity from both everyday users and institutions. Add $17.6 billion in remittance inflows in 2025 alone, and it’s clear: the demand for fast, low-cost money movement in and out of the rupiah already exists. What’s been missing is the infrastructure to serve it properly.

What’s actually backing IDRX?

IDRX is fully backed by rupiah-denominated reserves, held as fiat and Indonesian government bonds at regulated financial institutions, with reserve documentation published by the issuer and independently audited.

Textile’s role, from day one

Last week Textile cleared a new all-time high in daily on-chain FX volume on the network: $328K on Celo in a single day. IDRX trading against USDT launches with institutional liquidity led by Tribeca Park Capital, meaning the market isn’t just live; it’s deep enough to use.

IDRX joins a growing list of currencies already trading on Textile on Celo: cNGN (Nigeria, regulated by the SEC), USA₮ (issued by Anchorage Digital Bank and backed by Tether), and Ripio’s wFIAT stack covering the Argentine peso, Brazilian real, Mexican peso, Colombian peso, Chilean peso, and Peruvian sol. Indonesia is the latest, and far from the last, market to plug into that same liquidity.

In their words

“Bringing the world’s money onchain is what opens new trade corridors with fewer intermediaries and reduces the currency risk inside them. IDRX and Textile are both building that in Indonesia today.”

Dr Markus Franke, Global Head of Stablecoins, Celo Core Co.

“Since launching IDRX, we’ve focused on building a Rupiah that fits the local context, so Indonesians can transact and save in their own currency instead of a foreign one. With Textile FX quoting IDRX against the dollar from day one, our users and partners can move between the Rupiah and the rest of the world without leaving the chain.”

Nathanael Christian, CEO, IDRX

“Working with IDRX and Celo Core Co. opens Indonesia to the desks already trading across our network, connecting rupiah flows to the same liquidity we run between currencies in every market we serve.”

Tomer Bariach, Founder & CEO, Textile

Textile didn’t set out to become a network that supports one currency well. The model was always meant to scale: the same pricing standard, the same liquidity discipline, applied to whatever currency needs it next.

IDRX won’t be the last. Each market that joins makes the next one easier, because the liquidity behind Textile doesn’t reset with every launch; it carries forward.

Trade IDRX on Textile → app.textilecredit.com