Ursanomics

Research and public tools on stablecoins that are not pegged to the dollar, and on bringing crypto companies into Indonesia.

Two tools are live. Every claim on an Atlas issuer card cites its source. Every panel on the Indonesia dashboard says whether its number was measured, reported, derived or interpreted.

Open the Non-USD Stablecoin Atlas Open the Indonesia dashboard
The Non-USD Stablecoin Atlas map view: a world map with one circle per stablecoin at its issuer's home, clustered in Europe, Southeast Asia, Japan and Latin America, with a legend of issuer playbooks.
Non-USD Stablecoin Atlas, map view. Each circle is one coin at its issuer's home. atlas.ursanomics.com

Non-USD Stablecoin Atlas

atlas.ursanomics.com

A world map of stablecoins pegged to the euro, yen, rupiah, real, peso and other currencies that are not the US dollar. It researches 35 coins in 19 currencies issuer by issuer, and its market figures track 90 non-USD coins.

What each issuer card answers

Business
Does the issuer have a working business today: a licence, banking, distribution and a revenue model.
Playbook
Which of the recurring issuer strategies it runs.
Supply
Where its supply actually sits on-chain, refreshed daily from public data.
Gaps
Demand for non-USD stablecoins that no issuer serves yet.

Every claim on every card has a source. The Atlas is a map, not a rating: it takes no view on credit quality or peg safety.

Board view, with coins filed by currency.
The Indonesia crypto market dashboard: a dark interface with source health, claim-type labels and market panels.
Indonesia crypto market, overview. Each panel is labelled with the kind of claim it makes. indo.ursanomics.com

Indonesia crypto market

indo.ursanomics.com

A dashboard of Indonesia's crypto market for anyone planning to enter it. It reads exchange volume directly from licensed Indonesian exchanges' own APIs where they publish them, and tracks rupiah stablecoins on-chain, investor growth from regulator data, the cost of access and the regulations that apply.

Each panel labels its kind of claim

Observed
Measured by us, from the system that owns the number.
Reported
Stated by a named third party.
Derived
Computed from other inputs by a stated rule.
Interpreted
Our reading, not a measurement.

About

I'm Ursa, based in Indonesia and working across crypto and AI.

The tools on this site exist because the public data on Indonesia is thin. The theses below are where I think the market is going, and why.

ursa@ursanomics.com

Theses

All theses

  1. The gap is the opening

    Indonesia wrote crypto rules faster than almost anyone alive, and the market kept shrinking.

  2. Sovereignty is a toll booth. Fine, then fix the road.

    Indonesia's UU 4/2026 routes every crypto trade through one licensed bursa and calls it sovereignty.

  3. Indo stablecoin war is on. Co-build your distrib rails or play tourist.

    No foreign Tier-1 stablecoin issuer is even mentally on the IDR-co-build lane.

How the work is done

Both tools are built on the same rule: a reader should be able to check any number on the page.

Data comes from primary sources where they exist: exchange APIs, public blockchains and regulator releases. When a figure comes from someone else, the page says so. When a figure is our own reading, the page says that too.

The tools describe markets. They do not rate issuers, recommend assets or give legal opinions.