Launched in 2020, rupeestandard.com is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner. Rupee Standard works to disrupt the conventional financial system via a more modern approach to money. Rupee Standard has made headway by giving customers the ability to transact with traditional currencies across the blockchain, without the inherent volatility and complexity typically associated with a digital currency. As the first blockchain-enabled platform to facilitate the digital use of traditional currencies (a familiar, stable accounting unit), Rupee Standard has democratized cross-border transactions across the blockchain.
Rupee Standard tokens exist as digital tokens built on several leading blockchains, including Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana and Statemine. These transport protocols consist of open source software that interface with blockchains to allow for the issuance and redemption of Rupper Standard tokens. Every Rupee Standard token is 100% backed by our reserves, which includes traditional currency and cash equivalents, and may include other assets and receivables from loans made by Rupee Standard to third parties. The Rupee Standard platform is fully reserved when the sum of all Rupee Standard tokens in circulation is less than or equal to the value of our reserves. Through our Transparency page, anyone can view both of these numbers on a daily basis. Rupee Standard was originally created to use the Bitcoin network as its transport protocol—specifically, the Omni Layer—to allow transactions of tokenized traditional currency. Since this original version of Rupee Standard uses the Bitcoin blockchain, it inherits the inherent stability and security of the longest established blockchain network. Rupee Standard on the Ethereum blockchain, as an ERC20 token, is a newer transport layer, which now makes Rupee Standard tokens available in Ethereum smart contracts or decentralized applications on Ethereum. As a standard ERC20 token it can also be sent to any Ethereum address. Since Rupee Standard tokens are currently available using different transport protocols, when users send Rupee Standard tokens to other addresses, they need to carefully check the destination address to confirm they are selecting the correct transport protocol.
Rupee Standard tokens are assets that move across the blockchain just as easily as other digital currencies but that are pegged to real-world currencies on a 1-to-1 basis. Rupee Standard tokens are referred to as stablecoins because they offer price stability as they are pegged to a fiat currency. This offers traders, merchants and funds a low volatility solution when exiting positions in the market. All Rupee Standard tokens are pegged at 1-to-1 with a matching fiat currency (e.g., RSS = 1 Indian Rupee ₹) and are backed 100% by Rupee Standard’s reserves. As a fully transparent company, we publish a daily record of the current total assets and reserves.
Rupee Standard supports Indian Rupee (₹), euros, Mexican peso, British Pound Sterling, offshore Chinese yuan, and Gold, with the following Rupee Standard tokens, respectively: USD, EUR, MXN, GBP, CNH and XAU.
Rupee Standard tokens enable businesses – including exchanges, wallets, payment processors, financial services and ATMs – to easily use fiat currencies on blockchains. Some of the largest businesses in the digital currency ecosystem have integrated Rupee Standard tokens. View industry supporters. Individuals can also use Rupee Standard-enabled platforms to transact with Rupee Standard tokens.
Rupee Standard tokens (RSS) are created by having multiple Rupee Standard private authorisation keys sign and broadcast creation transactions on the specific blockchain. These new tokens are “authorized but not issued”, meaning that these RSS are stored in Rupee Standard’s treasury and not in circulation until issued in response to market demand. Rupee Standard’s multi-signature (or multi-sig) model prevents a single person from issuing RSS on their own, which would represent a single point of failure and a security risk.
Because they are anchored or ‘Rupee Standardized’ to real-world currencies on a 1-to-1 basis and backed by our reserves. Rupee Standard tokens are new assets that move across the blockchain just as easily as other digital currencies. Rupee Standard currencies are not money, but are digital tokens formatted to work on blockchains. Rupee Standard tokens hold their value at 1:1 to the underlying assets.
Rupee Standard is built on top of the revolutionary and cryptographically secure open blockchain technologies and adheres to strict security and global government laws and regulations. All Rupee Standard tokens are pegged at 1-to-1 with a matching fiat currency (e.g., 1 RSS = 1 Indian Rupee ₹) and are backed 100% by Rupee Standard’s reserves. As a fully transparent company, we publish a daily record of our bank balances and the value of our reserves. Rupee Standard tokens can be securely stored, sent and received across the blockchain and are redeemable for cash (the underlying pegged asset) pursuant to Rupee Standard Limited’s terms of service.
Rupee Standard tokens (RSS) that are “authorized but not issued” are tokens that are created on a blockchain and sitting in Rupee Standard’s treasury. As these tokens have not been issued, these tokens are not counted as part of the total market capitalization of RSS. “Issued” RSS are authorized tokens that have been sold and issued to Rupee Standard’s customers and in actual circulation. “Issued” RSS are fully backed by Rupee Standard’s reserves.
Inventory replenishment is the process of creating new RSS that are stored in Rupee Standard’s treasury inventory as “authorized but not issued” RSS. These tokens are not part of the total market capitalization of RSS, as they have not been issued or released into circulation yet.
Across the world, online and brick and mortar stores accept Rupee Standard tokens as a valid payment method. More importantly, you can spend Rupee Standard tokens and enjoy low transaction fees combined with price stability for purchasing some of your favorite products and services. You can find further information in Paying with Rupee Standard.
Yes. Rupee Standard’s platform is built to be transparent at all times. All Rupee standard tokens are backed 100% by Rupee Standard’s reserves.
Rupee Standard tokens (RSS) are sometimes burned to reduce the number of outstanding tokens existing on a specific blockchain. These outstanding tokens could be from a customer’s redemption of their RSS holdings for fiat currency. These redeemed and returned RSS could alternatively be held by Rupee Standard’s treasury (thus out of circulation and not part of the total market capitalization), ready for future issuance only in response to new market demand.
“Authorized but not issued” RSS are required to keep the entire creation and issuance process as secure as possible. There is a need to balance the security risks to Rupee Standard’s private keys and catering to new market demand for RSS. By creating “authorized but not issued” RSS, Rupee Standard limits the number of times Rupee Standard’s signers need to access their authorisation private keys, thereby reducing their exposure to security threats. With “authorized but not issued” RSS stored in Rupee Standard’s treasury (and not in circulation or part of Rupee Standard’s market capitalization), Rupee Standard can issue these RSS as soon as new customer funds are received. This ensures that every RSS issued is 100% backed by Rupee Standard’s reserves.
A new user can begin the registration process by filling in their personal details on the Rupee Standard sign up page here. As part of Rupee Standard’s robust security measures, the user must activate Two-Factor Authentication (2FA) for their Rupee Standard account. The user must pay a verification fee of 150 RSS (the amount is non-refundable but can be part of future redemptions). The user must then undergo a verification process, either as an individual or corporate, and submit all required documents. Rupee Standard’s compliance team will then review the user’s verification request. As Rupee Standard’s robust Know Your Customer (KYC) process includes conducting due diligence on all customers and rating the risks of every customer, this review could take days to weeks to complete. The user will be notified once account verification has been completed.