PALAU – Ripple’s foray into the stablecoin space has seen a positive first phase in Palau, Jay Hunter Anson reported on Thursday. The pilot program, which started in July 2023, involves issuing a stablecoin pegged to the US dollar on the XRP Ledger. The initiative was tested in a controlled environment with the participation of executive branch staff and local businesses.
Key takeaways from the initial phase include:
- A total of 223 volunteers started the pilot, with 168 completing the phase.
- The stablecoin, known as PSC, is backed by USD cash collateral.
- Both volunteers and participating retailers provided positive feedback.
- There is a growing preference for adopting the PSC as a national currency, pending government approval.
The successful completion of Phase 1 marks a major step forward for Ripple and Palau in exploring digital currencies. The next stages of development will focus on expanding the ecosystem to include financial institutions, regulators, regulatory frameworks, businesses and users. This comprehensive approach aims to establish a robust stablecoin ecosystem in the country.
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