- The Palau Stablecoin is built on the XRP Ledger (XRPL), showcasing Ripple’s technology as the foundation of this financial venture.
- Ripple and the Republic of Palau initiated their partnership in late December of the previous year.
The Republic of Palau has joined forces with Ripple Labs to create its inaugural stablecoin, the Palau Stablecoin (PSC). Jay Hunter Anson, Director of Palau’s Digital Residency Program and a Palau’s Ministry of Finance member, shared this news on Twitter, shedding light on the collaboration between the Palau National Treasury and Ripple Labs.
The momentous event occurred at the National Capitol in Ngerulmud, Palau, where representatives from the Palau National Treasury and Ripple gathered to celebrate the successful launch of the Palau Stablecoin. Anson emphasized that this marks a crucial milestone in their collaborative efforts to explore the potential use cases of the stablecoin within Palau.
Anson tweeted that the launch of the Palau Stablecoin (PSC) is a significant achievement in their partnership with Ripple. They are actively exploring specific use cases of the stablecoin within their country. Additionally, Anson highlighted that the Palau Congress has officially approved the PSC pilot program, providing it with a legitimate and authoritative status.
🇵🇼 Palau National Treasury Director and our Industry partner @Ripple Senior Engineer & Lead Project Manager celebrate minting the very first Palau Stablecoin (PSC) at the National Capitol in Ngerulmud
The very limited & controlled PSC pilot tests specific use cases inside Palau… pic.twitter.com/LYcA1cjJJi
— Jay Hunter Anson (@JHX_1138) July 24, 2023
Pilot Program of the Palau Stablecoin (PSC) in Collaboration with Ripple
The Ministry of Finance in Palau has launched the Stablecoin project to cater to specific requirements within the country’s financial sector. By supporting this initiative, the ministry intends to utilize digital solutions to lower payment expenses within the Republic of Palau and improve access to financial services, especially for underserved communities and diverse socio-economic groups.
Notably, the Palau Stablecoin is built on the XRP Ledger (XRPL), showcasing Ripple’s technology as the foundation of this financial venture. Anson’s tweets emphasized the careful and detailed development process undertaken for the Palau Stablecoin.
They conduct the coPilot Program of the Palau Stablecoin (PSC) in Collaboration with Ripplentrolled and restricted PSC pilot tests to evaluate the effectiveness and efficiency of the solution collaboratively created with Ripple. Additionally, these pilot experiments offer valuable insights into the stability and usability of the Palau Stablecoin, aiding in assessing its readiness for potential public release.
Anson further stated, “Our controlled pilot tests have been enlightening, and we are optimistic about the potential impact of the Palau Stablecoin on our nation’s economy.” During the testing phase of the Palau Stablecoin pilot program, volunteer users actively engaged and participated.
A Palau Stablecoin Pilot volunteer user makes a purchase at partner vendor Kings Mart in Koror, Palau 🇵🇼 The very limited & controlled PSC pilot tests specific use cases inside #Palau to validate our solution design in collaboration with #Ripple as authorized by the Palau… pic.twitter.com/WZNCsGQ2Jt
— Jay Hunter Anson (@JHX_1138) July 19, 2023
Successful Execution of Palau Stablecoin Pilot Program Attracts XRP Community’s Interest
The Palau Stablecoin pilot program’s successful execution has attracted the interest of the XRP community, and excitement is growing for the official joint press release scheduled on July 27 at 9:00 AM Thursday morning in Ngerulmud, Palau, as disclosed by Anson.
As reported by Crypto News Flash, Ripple and the Republic of Palau initiated their partnership in late December of the previous year. As the island state lacks a functional central bank, the US dollar is the primary medium of exchange across the country.
The development of a USD-backed stablecoin is a direct outcome of the national stablecoin initiative. The president described this as a
“step towards our own central bank digital currency.”
Currently, XRP is trading at $0.7022, with a 24-hour increase of 1.18%.
