How Will the Bond-Backed Stablecoin Work?

The Governor of Bank Indonesia, Perry Warjiyo, spoke at the Indonesia Digital Finance and Economy Festival & Fintech Summit 2025 in Jakarta, saying:

Bank Indonesia will act as a digital central bank and plans to issue its existing securities as well as tokenized government bonds. These securities are expected to be backed by the state-supported digital rupiah. This product is anticipated to emerge as Indonesia’s national version of a stablecoin.

In other words, this upcoming stablecoin will differ from others as it won’t be directly tradable in the open crypto market. Instead, it will be secured by government bonds and used as a digital instrument managed by the central bank.

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Why Is Indonesia Doing This?

1. Trust and Transparency:
   Normally, stablecoins are backed by assets such as gold, Bitcoin, Ethereum, or real US dollars. However, this time, having tangible government-backed assets behind the coin significantly increases user confidence. A bond-backed stablecoin would also experience much lower volatility.
2. Expansion of Monetary Tools:
   When a central bank operates only with traditional currencies, it limits itself. Therefore, digital assets can serve as a tool in monetary policy, giving the bank greater flexibility. Through these digital currencies, features like traceable money supply, dynamic interventions, and automatic stabilization mechanisms can be achieved.
3. Financial Growth:
   Geographically, Indonesia faces accessibility challenges. With the introduction of digital assets, financial services can become more accessible to rural and underserved areas, promoting greater financial inclusion.
4. Integration with Blockchain:
   Through this stablecoin, the country will not only integrate with the crypto ecosystem but also enable banks to take a step closer to blockchain technology.

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Team and Founders

The project is managed by the Electroneum Team. Richard Ells is the founder and CEO of Electroneum. 

Project Concept

Electroneum aims to make cryptocurrency accessible for everyday use. This is achieved through a fast, energy-efficient blockchain infrastructure offering ultra-low gas fees and 5-second transaction finality. The project creates real-world utility by enabling unbanked users to earn ETN through platforms like AnyTask.com. 

How the Project Works 

• IBFT Consensus Mechanism (Istanbul Byzantine Fault Tolerance) 
• Single block proposal completes transactions in 5 seconds 
• Validator leadership rotates over time to enhance security 
• Block approval requires supermajority 

Validator System 

• Initially launched with NGOs and foundations (Proof of Responsibility) 
• After the 2024 Aurelius update, universities and Web3 companies joined 
• Low energy consumption and environmentally friendly structure 

AnyTask Platform 

• Serves over 20,000 vendors in 140 countries 
• Users without bank accounts can receive payments in ETN 

Governance

Electroneum promotes decentralized decision-making through On-Chain Governance features: 

• Participants: All ETN holders can participate 
• Voting Power: Proportional to held or staked ETN 
• Proposal Types: Community proposals include network changes, protocol upgrades, treasury allocation, and validator management 
• Approval Mechanism: Minimum quorum (e.g., 10% of circulating ETN) and supermajority (e.g., 66%) required 
• Incentives: Small voting rewards to encourage participation 

Roadmap 

• 2021: Proof of Responsibility (PoR) consensus launched for energy efficiency 
• 2024: Electroneum Smart Chain Testnet released with smart contract support 
• 2025: Electroneum Smart Chain launched, fast and low-cost Layer 1 blockchain 
• Future: Permissionless validator system, advanced consensus, and on-chain governance 

Token Use Cases 

• AnyTask Payments: Payment and earnings on freelance platform 
• Mobile Payments: Integrated with mobile app for airtime, data, and services 
• Network Security (Warranting): Validators stake tokens for network security 
• Governance Voting: Vote on network proposals 
• Transaction Fees: Gas fees paid in ETN 

ETN Token

Electroneum (ETN) is the native cryptocurrency of the Electroneum blockchain. It supports platform functions and is designed for mobile transactions, digital payments, and freelance earnings. ETN offers a low-cost, fast, and energy-efficient payment method. 

ETN Minting and Burning 

• Minting: New ETN is produced through block rewards; users cannot manually create tokens 
• Burning: A portion of transaction fees is permanently burned to prevent manipulation 

Token Information 

• Symbol: ETN 
• Max Supply: 21 Billion ETN 
• Circulating Supply: ~18 Billion ETN 
• Type: Native token of Electroneum Smart Chain 

Token Distribution 

• ICO: Initial funding via 2017 ICO 
• Emission Reduction: September 2021 hard fork reduced block reward by 75% 
• New Distribution: Tokens mainly managed via Treasury Contract supporting validators and community initiatives 

Electroneum (ETN) Features 

• EVM Compatibility: Fully compatible with Ethereum Virtual Machine 
• Security: High security with IBFT consensus 
• Speed: 5-second transaction finality 
• Cost Efficiency: Ultra-low transaction and smart contract fees 
• Sustainable Infrastructure: Environmentally friendly and energy-efficient 

Ecosystem 

• AnyTask Platform: Provides income opportunities for unbanked users 
• Mobile App: User-friendly wallet for payments 
• Smart Contract Integration: Special contracts for validator management, governance, and treasury 
• Eco-Friendly Focus: PoR consensus consumes far less energy than PoW 

Official Links 

• Website
• Twitter
• Telegram

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The Cost Advantage of DeFi

At Dutch Blockchain Week in Amsterdam, 1inch co-founder Anton Bukov emphasized the nearly zero-cost onboarding offered by DeFi. Unlike traditional banks spending $100–$300 per user, and digital banks spending $20–$30, DeFi platforms require nothing more than a smartphone and internet.

“Onboarding to DeFi literally costs zero,” Bukov stated. “No documents, no branches—just connect and transact.”

This model, according to Bukov, positions DeFi to reach the 1.4 billion unbanked who are left behind by high traditional banking costs.

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DeFi’s True Power: Access to Global Liquidity

Beyond inclusion, Bukov highlights DeFi’s real edge: access to global liquidity. With assets like BTC, ETH, and stablecoins such as USDT, users can now engage in worldwide economic activity without needing a bank.

“You can just get a phone, internet, and exchange your chicken for USDT,” Bukov remarked, showcasing how seamlessly DeFi integrates people into the global economy.

He added that countries aligning with crypto regulations will benefit most from this growing digital liquidity zone. As Bukov put it: “The more countries trade, the more they succeed. Crypto works the same way.”

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Bitwise launched this new product to provide access to Aptos for both institutional and individual investors. The ETP is designed to offer investors an annual return of around 4.7% and is backed physically. Bitwise CEO Hunter Horsley emphasized that this development strengthens Aptos’ reputation in the industry, while Aptos Labs CEO Mo Shaikh stated that this move is a significant step towards increasing global financial inclusion. According to Shaikh, this action, which confirms the reliability and speed of the Aptos blockchain, opens a new chapter in institutional adoption.

The growth in the Aptos ecosystem didn’t stop there. With the increasing interest in DeFi projects, Aptos’ total value locked (TVL) reached high levels, further solidifying investor confidence in the project. This rising interest allowed investors to contribute to the ecosystem and generate additional income, introducing Aptos to a broader audience in the crypto world.

All these developments show that Aptos has growth potential throughout the year and may see wider adoption in 2024. With Bitwise’s move, Aptos has proven that it can make an impact not only in the crypto market but also on the global financial stage.

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Real-time Transparency into El Salvador’s Bitcoin Holdings

The website leverages on-chain data to provide users with real-time insights into El Salvador’s Bitcoin treasury. As of May 13, 2024, 8:20 AM UTC, the website reveals El Salvador holds 5,748 BTC, valued at approximately $360 million with Bitcoin trading above $62,700.

The website further details El Salvador’s recent Bitcoin acquisition activity. Over the past week, they purchased 7 BTC for over $438,000, adding to their total of 31 BTC worth $1.94 million acquired in the last 30 days. These purchases align with El Salvador’s stated goal of accumulating 1 Bitcoin daily.

El Salvador’s adoption of Bitcoin as legal tender in September 2021 marked a historic moment. Their objectives included fostering financial inclusion, facilitating efficient remittance transfers, and attracting innovation within the financial sector.

President Bukele’s Decision and Subsequent Scrutiny

President Nayib Bukele’s decision initially received criticism. The collapse of the FTX exchange in November 2021 coincided with a substantial drop in Bitcoin’s price from its previous all-time high of $69,000. As Bitcoin plunged to lows of $16,000 during the bear market, El Salvador’s Bitcoin holdings experienced significant unrealized losses.

Despite the price volatility, El Salvador has implemented a dollar-cost averaging (DCA) strategy for their Bitcoin purchases since 2021. Their average buying price sits at $43,097 per BTC. With Bitcoin currently trading above $62,000, this translates to an unrealized profit of over $57.4 million on their Bitcoin holdings, according to the Nayib Bukele Portfolio Tracker website.

Potential Financial Benefits for El Salvador

Prominent venture capitalist Tim Draper believes El Salvador’s Bitcoin holdings could be a significant financial boon for the nation. In an interview with Cointelegraph, Draper suggested that El Salvador could achieve financial independence and potentially pay off its International Monetary Fund (IMF) loans if the Bitcoin price reaches $100,000.

Many prominent crypto analysts predict that Bitcoin will surpass the $100,000 mark during the upcoming 2024-2025 bull cycle. Research by Bitfinex analysts shared with Cointelegraph suggests a potential cycle top exceeding $150,000 following the 2024 halving event. Their prediction utilizes a regression model, forecasting a 160% post-halving price surge within the next 14 months.

Bitcoin’s future price action will likely be heavily influenced by institutional inflows, particularly from U.S. spot Bitcoin exchange-traded funds (ETFs). After three consecutive weeks of net outflows, U.S. Bitcoin ETFs have recently experienced a positive shift, attracting a total of $413 million in net inflows over the past week, according to Dune Analytics data.

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