# \[Proposal to change parameter\] Add Terra {IDR, PHP} stable coins **URL:** \ **Category:** Oracles and Swaps\ **Created:** [June 5, 2021, 10:03am UTC](https://classic-agora.terra.money/t/proposal-to-change-parameter-add-terra-idr-php-stable-coins/1299 "2021-06-05T10:03:01Z")\ **Posts on this page:** 5\ **Page:** 1
**Author:** ![gfgconcepcion](https://sea2.discourse-cdn.com/terra/user_avatar/classic-agora.terra.money/gfgconcepcion/32/1394_2.png) [@gfgconcepcion](https://classic-agora.terra.money/u/gfgconcepcion)\ **Post date:** [June 5, 2021, 10:03am UTC](https://classic-agora.terra.money/t/proposal-to-change-parameter-add-terra-idr-php-stable-coins/1299/1 "2021-06-05T10:03:01Z")
### TL;DR **This discussion serves to get the community’s thoughts as a follow-up to Proposal 27 which aims to add/enable Terra IDR and Terra PHP. If this looks good, then a parameter change will be submitted via the Governance feature of Terra Station.** Following the passed vote of Proposal 37 to add Terra IDR and Terra PHP stable coins [1], this proposal aims to make a parameter-change to add Terra IDR and Terra PHP stable coins. For both stable coins, tobin-taxes will be set at 0.75% as the USD-IDR [2] and the USD-PHP [3] bid-ask spreads are 1% or higher. #indonesiaku #parasabayan * * * ### Background and Motivation #### For Terra IDR 1. **Existing usage** : Proven crypto adoption with 2 million registered crypto investors with further potential to grow into the total population of 270 million [4] 2. **Growing opportunity** : Opportunity for DeFi natives with 181 million adult population but only 89 million (49%) are banked [5] 3. **Growing opportunity** : Total Addressable Market opportunity in the internet economy alone is expected to grow to 124 USD billion by 2025 [6] 4. **Growing opportunity** : Recent $6M Series A funding for Pintu, an Indonesian crypto exchange, with investors including Pantera and Coinbase Ventures [13] 5. **Government acceptance** : Government regulation approves the trading of crypto assets [7] 6. **Large fiat market** : IDR is the #23 top fiat currency by market capitalization [12] #### For Terra PHP 1. **Proven usage** : Proven crypto adoption with estimates ranging between 17% to 20% ownership in a total population of 110 million [4], [8] 2. **Proven usage** : Beyond investing, use cases include remittances and NFTs [9], and it is important to note that remittances make up about 9% of the Philippines GDP [10] 3. **Growing opportunity** : Opportunity for DeFi natives with 67 million adult population but only 23 million (34%) are banked [5] 4. **Growing opportunity** : Total Addressable Market opportunity in the internet economy alone is expected to grow to 28 USD billion by 2025 [6] 5. **Government acceptance** : Government regulation approves the trading of crypto assets [11] 6. **Large fiat market** : PHP is the #32 top fiat currency by market capitalization [12] * * * #### Notes: [1] [Terra Station Proposal 37](https://station.terra.money/proposal/37) [2] [Bank Indonesia Foreign Exchange Rates](https://www.bi.go.id/en/statistik/informasi-kurs/transaksi-bi/Default.aspx) for Apr-09; set Access Data field to “Daily” and Currencies to “USD” then press Search [3] [Development Bank of the Philippines Foreign Exchange Rates](https://www.dbp.ph/wp-content/uploads/2021/04/BoardRates_20210408_0900-for-uploading.pdf) for Apr-08 [4] [Asia’s Crypto Landscape](https://messari.io/pdf/messari-report-asia-crypto-landscape.pdf) by Mira Christanto from Messari [5] [e-Conomy SEA 2019](https://www.blog.google/documents/47/SEA_Internet_Economy_Report_2019.pdf) by Google, Temasek and Bain & Company [6] [e-Conomy SEAS 2020](https://storage.googleapis.com/gweb-economy-sea.appspot.com/assets/pdf/e-Conomy_SEA_2020_Report.pdf) by Google, Temasek and Bain & Company [7] [Asosiasi Blockchain (Indonesia’s Blockchain Association)](https://asosiasiblockchain.co.id/wp-content/uploads/2020/09/Indonesia-Crypto-Outlook-2020-Report.pdf) [8] [How Common is Crypto?](https://www.statista.com/chart/18345/crypto-currency-adoption/)by Katharina Buchholz from Statista [9] [NFTs Are Becoming a Major Source of Income for Crypto Newbies in the Philippines to Colombia](https://thedefiant.io/nfts-are-becoming-a-major-source-of-income-for-crypto-newbies-in-the-philippines-to-colombia/) by Dan Kahan from The Defiant [10] [World Bank Remittance as Percentage of GDP](https://data.worldbank.org/indicator/BX.TRF.PWKR.DT.GD.ZS?most_recent_value_desc=true) [11] [Cryptocurrency to become mainstream in the Philippines | Digital Payments | Fintech Magazine](https://www.fintechmagazine.com/digital-payments/cryptocurrency-become-mainstream-philippines) by Joanna England of FinTech Magazine [12] [Top Fiat Currencies by Market Capitalization](https://fiatmarketcap.com/) as of Jun-05-2021 [13] [Indonesian crypto exchange Pintu gets $6M Series A](https://techcrunch.com/2021/05/26/indonesian-crypto-exchange-pintu-gets-6m-series-a-led-by-pantera-intudo-and-coinbase-ventures/) by Catherine Shu of Tech Crunch * * * #### Acknowledgment: [A1] Thank you to Tanwa Arpornthip for providing guidance on proposal writing in [Terra Station](https://station.terra.money/proposal/38) and also on how to make a parameter-change via Agora and Github. [A2] Thank you to Do Kwon and Tanwa Arpornthip for providing guidance on parameter-change changes in [Terra Station](https://station.terra.money/proposal/26) and [Terra Station](https://station.terra.money/proposal/38). * * * #### About the Proposal Author: LUNAtic 🌖 with roots from and living in Southeast Asia. ---
**Author:** ![davidkohcw](https://sea2.discourse-cdn.com/terra/user_avatar/classic-agora.terra.money/davidkohcw/32/146_2.png) [@davidkohcw](https://classic-agora.terra.money/u/davidkohcw)\ **Post date:** [June 11, 2021, 6:53pm UTC](https://classic-agora.terra.money/t/proposal-to-change-parameter-add-terra-idr-php-stable-coins/1299/2 "2021-06-11T18:53:53Z")
Yea, would love to see these currencies added onto Terra. I think it will send a strong message that Terra is targeting global adoption. Thanks for a well researched proposal! ---
**Author:** ![frankunderwood22](https://avatars.discourse-cdn.com/v4/letter/f/c0e974/32.png) [@frankunderwood22](https://classic-agora.terra.money/u/frankunderwood22)\ **Post date:** [June 11, 2021, 7:41pm UTC](https://classic-agora.terra.money/t/proposal-to-change-parameter-add-terra-idr-php-stable-coins/1299/3 "2021-06-11T19:41:01Z")
I agree! More stable coins will lead to more grown for terra economy. ---
**Author:** ![seaver-choy](https://sea2.discourse-cdn.com/terra/user_avatar/classic-agora.terra.money/seaver-choy/32/858_2.png) [@seaver-choy](https://classic-agora.terra.money/u/seaver-choy)\ **Post date:** [July 11, 2021, 9:47am UTC](https://classic-agora.terra.money/t/proposal-to-change-parameter-add-terra-idr-php-stable-coins/1299/4 "2021-07-11T09:47:43Z")
Yes, please! Let’s make this happen for the Filipino people. ---
**Author:** ![winslyn](https://avatars.discourse-cdn.com/v4/letter/w/6a8cbe/32.png) [@winslyn](https://classic-agora.terra.money/u/winslyn)\ **Post date:** [July 13, 2021, 11:12pm UTC](https://classic-agora.terra.money/t/proposal-to-change-parameter-add-terra-idr-php-stable-coins/1299/5 "2021-07-13T23:12:54Z")
The proposal #108 left out Norwegian Krone NOK.