Tokenizing Indonesian
Money Market Funds
for Licensed Exchanges
TokenForge builds the compliance and infrastructure layer that connects regulated Indonesian funds to licensed crypto exchanges. Domestic assets. Domestic regulation. Built on Solana.
The gap
Three problems. One infrastructure layer.
Idle stablecoins
Billions in USDT sit on Indonesian exchange wallets earning zero. Bybit launched RWA Earn in June 2026, letting 80M users earn 4–6% APY on tokenized PIMCO and UBS bond funds. Indonesian exchanges have no equivalent product.
Source: Bappebti transaction data, Bybit RWA Earn announcement June 2026
MMF yield trapped in legacy channels
SBN government bonds yield 6–7% annually. But distribution runs through bank branches, wealth management desks, and aging infrastructure. Indonesia’s ~22M registered crypto investors cannot access these products through the apps they already use.
Source: DJPPR Kemenkeu, Bappebti investor registry
No compliant bridge under Indonesian regulation
Global players tokenize PIMCO and UBS funds for global exchanges. But no infrastructure exists to tokenize Indonesian funds — governed by Indonesian law, held by Indonesian custodians — for distribution through Indonesian licensed exchanges. TokenForge builds that bridge.
Architecture
Fund → SPV → TokenForge → Exchange → User
The fund itself never touches a blockchain. An Indonesian PT subscribes to fund units as an institutional investor. The PT issues tokens. TokenForge handles compliance and distribution infrastructure. Exchanges distribute. KIK stays intact.
Asset Manager
A regulated Indonesian fund manager operates an existing KIK — money market fund or SBN bond strategy. The fund itself is unchanged: same custodian bank, same fund administrator, same daily NAB reporting.
SPV + TokenForge
An Indonesian PT (SPV) subscribes to fund units as an institutional investor. TokenForge tokenizes the SPV into SSTS security tokens on Solana — compliance engine, NAV oracle, PAKD API integration, ICC custody coordination.
Licensed Exchange (PAKD)
The tokenized product appears as a branded Earn product in the exchange's app. Users subscribe with IDR or USDC through existing flows. Four REST endpoints: subscribe, redeem, getBalance, getNAV.
End Users
Users earn yield on government-backed SBN bonds without leaving their trading app. Minimum investment designed at IDR 100,000 (~$6). Yield flows from the underlying bonds, through the SPV, to token holders.
Architecture
Three layers. Two connections.
For Fund Managers
List your fund as an Earn Product
- Your fund tokenized in weeks. Zero change to KIK, custodian bank, or fund administrator.
- An Indonesian PT (SPV) subscribes to your fund as an institutional investor. We handle all downstream infrastructure.
- Open a new distribution channel: ~22M crypto-native Indonesians who never walk into a bank branch.
- TokenForge bears SPV incorporation, legal opinions, SSTS deployment, and PAKD integration. You earn incremental management fees on new AUM.
For Exchanges
Offer yield products to your users
- Add a yield product category that generates revenue regardless of whether BTC is up or down.
- Your users stay on your platform. Earn products appear as branded yield offerings in your existing app.
- Compliance framework built for Indonesian regulation: Pasal 23 POJK 3/2024 SPRINT registration path, ICC custody, on-chain audit trail.
- Four REST endpoints. 90-day integration timeline from LOI to sandbox transaction. No blockchain hires needed.
FAQ
Common questions
Is TokenForge licensed by OJK?
Not yet. TokenForge is registering under Indonesia’s digital asset innovation framework. Under Pasal 23 POJK 3/2024, once OJK creates the formal SPRINT sub-sub-sector for ITSK tokenization issuers — following Pruv Finance’s sandbox graduation — TokenForge can register directly without entering sandbox. The model type is already validated.
How does custody work?
Tokens are minted on Solana and held in an omnibus wallet controlled by ICC (PT Kustodian Koin Indonesia) — an OJK-licensed custodian. Users’ beneficial ownership is recorded by the exchange and reconciled daily with ICC per OJK requirements.
What happens if TokenForge goes out of business?
Smart contracts are non-upgradeable after deployment. Tokens exist on Solana independently. Underlying assets are held by a separate SPV legal entity. The exchange and ICC can continue servicing token holders without TokenForge. This is by design.
How does TokenForge make money?
TokenForge charges a setup fee (one-time, per product) and an annual management fee shared with the asset manager and exchange. Users pay zero fees — no subscription, redemption, or gas charges.
Can we white-label this?
Yes. The product appears as your branded Earn product in your app. TokenForge branding is invisible to end users. Token names, metadata, and UI are fully configurable.
What’s the minimum investment?
As low as IDR 100,000 (~$6) per token unit. Dramatically lower than global equivalents — DigiFT requires $2,000 minimum; Ondo requires $5,000.
Start tokenizing Indonesia's first regulated earn product.
Built on Solana's Security Token Standard. Registering under Indonesia's digital asset innovation framework.
partnerships@tokenforge.id