Thoughts on IDR/USD and potential implications for stablecoin on/off-ramps

Been watching $IDR with interest lately, particularly the move up to 29.2 today, and even hitting 29.7775 intraday. For anyone involved in stablecoin settlement for fintechs, especially with Indonesian Rupiah on/off-ramps, these kinds of moves are worth keeping a very close eye on. We’re seeing some strong momentum, and if this current push above 29.2 can sustain, it could open the door for a retest of higher levels previously seen. The risk, of course, is if we see a sharp rejection from these current highs, particularly if it dips back below say, 28.5. That would suggest this latest surge was more of a relief rally than a foundational shift, and could make stablecoin conversion costs swing more unpredictably. It's not just the direct FX impact, but also how it affects liquidity providers and the spreads they offer when bridging between fiat and stablecoins like USDT or USDC in that region. Something to factor into operational risk models.