Australia and Indonesia explore direct stablecoin settlement

AUDC the issuer of Australian dollar stablecoin AUDD, has signed a Memorandum of Understanding (MoU) with PT IDRX Indo Inovasi, the issuer of Indonesian rupiah stablecoins IDRX, to explore a direct cross-border settlement corridor.

Under the MoU, the two companies will explore connecting AUDD and IDRX through an on-chain settlement corridor, which could allow the currency transactions to settle directly without relying on the US dollar as an intermediary currency.

The initiative will explore how AUDD and IDRX could support export-import settlement, business payments and other cross-border transactions between Australia and Indonesia.

AUDC chief executive Effie Dimitropoulos said the partnership reflects the growing need for modern payment infrastructure between two of the region's most connected economies.

"Australia and Indonesia share a deeply connected economic relationship. From trade and tourism to growing business links, money moves between our countries every day. Yet much of that activity still relies on legacy payment infrastructure that adds cost, complexity and delays," Dimitropoulos said.

"This partnership is about exploring how regulated stablecoin infrastructure can simplify cross-border transactions between Australian dollars and Indonesian rupiah, creating a more direct, efficient and accessible payment corridor between our markets.

"As stablecoins become part of mainstream financial infrastructure, we're focused on building practical, real-world payment rails that support trade, commerce and economic connectivity across our region."

IDRX chief executive Nathanael Christian said the collaboration demonstrates the potential for local currency stablecoins to improve regional payment networks.

"By connecting IDRX and AUDD directly, we can explore new ways to facilitate efficient cross-border value transfer between Indonesia and Australia while supporting the future of digital financial infrastructure in the Asia-Pacific region," Christian said.