IDRX Settlement

PulsarFi uses IDRX as the settlement and liquidity currency because the product is built around Indonesian equities. The goal is not only to tokenize IDX exposure, but also to make Rupiah-denominated stablecoin rails more useful in real financial workflows.

Short answer

PulsarFi uses IDRX instead of USDC because the underlying assets are Indonesian stocks, priced in Rupiah, traded by a market that thinks in Rupiah, and redeemed through an Indonesian securities context.

Using IDRX keeps the product native to the asset market it represents.

Strategic reason

The broader thesis is Rupiah adoption.

Stablecoins become useful when they are attached to real use cases. If every on-chain financial product defaults to USD, local-currency stablecoins remain secondary and speculative. PulsarFi gives IDRX a concrete use case:

Rupiah stablecoin -> Indonesian equity liquidity -> portfolio settlement -> redemption gateway

This creates a more natural loop for Indonesian users, custodians, and market participants.

Product fit

IDX stocks are quoted in Indonesian Rupiah. Using IDRX means the unit of account matches the real-world market.

Product question	With IDRX	With USDC
What currency is the underlying stock quoted in?	Same currency: Rupiah.	Different currency: USD.
Does the user need to mentally convert price?	No, price remains IDR-native.	Yes, user thinks in USD/IDR FX.
Does the pool reflect local settlement context?	Yes, IDRX-pStock.	Partially, but FX is embedded.
Is the product helping local stablecoin adoption?	Yes.	No, it reinforces USD dominance.
Is redemption accounting simpler?	Yes, fee and local notional stay Rupiah-denominated.	Less direct because the off-chain asset is IDR-based.

Why not USDC

USDC is more liquid globally, but it is not always the best currency for a local-market RWA product.

USDC would introduce several mismatches:

• IDX assets are priced in IDR, not USD.
• Indonesian users usually reason about stock prices in Rupiah.
• Redemption and custody operations are naturally Rupiah-denominated.
• A USDC pool embeds USD/IDR FX exposure into the product.
• It makes the system look like Indonesian equities are being dollarized instead of brought on-chain in their native market context.

USDC is excellent for global crypto settlement. PulsarFi's first market is different: it is Indonesian equity exposure. For that market, IDRX is the more coherent base asset.

FX risk and price clarity

If the pool used USDC, the user would not only be trading stock exposure. They would also be implicitly exposed to USD/IDR conversion.

Example with USDC:

IDX reference price: BBRI quoted in IDR
USDC pool price:    BBRIP quoted in USD
User comparison:    must convert USD -> IDR before judging peg or slippage

Example with IDRX:

IDX reference price: BBRI quoted in IDR
IDRX pool price:    BBRIP quoted in IDRX
User comparison:    direct local-currency comparison

This makes the UI easier to understand and makes arbitrage reasoning cleaner.

Local adoption thesis

PulsarFi is also a distribution surface for Rupiah stablecoin usage.

IDRX gains practical demand when users need it to:

• enter pStock positions;
• exit pStock positions;
• fund liquidity for new mint proposals;
• pay redemption fees;
• account for portfolio value in Rupiah terms.

That is more meaningful than holding a stablecoin with no specific local use case.

Custodian and operator alignment

Custodians operate in an Indonesian market context. Their real-world references are IDR-denominated:

• share prices;
• notional value;
• settlement reporting;
• local client expectations;
• redemption fee accounting;
• reserve and custody reconciliation.

Using IDRX keeps on-chain operations aligned with those references.

Tradeoffs

Choosing IDRX is not free.

Tradeoff	Impact	Why acceptable
Lower global liquidity than USDC	Pools may start thinner.	The product is local-market-first and uses IDRX liquidity to match the underlying market.
More dependency on IDRX availability	Production needs real IDRX deployment or bridge support.	The architecture isolates IDRX address configuration.
Less familiar for global DeFi users	Some users may prefer USD-denominated assets.	The docs and UI explain IDRX as the Rupiah settlement asset.

The tradeoff is intentional. PulsarFi optimizes for Indonesian equity market coherence before global stablecoin liquidity.

Future path

USDC can still be useful later as a secondary route or aggregator input. A future version could support:

• USDC -> IDRX -> pStock routing;
• multi-stable routing;
• FX-aware quotes;
• deeper liquidity incentives;
• institutional rails that bridge IDR and USD liquidity.

But the canonical pool and accounting currency should remain IDRX for the core Indonesian equity product.