Palau Trials Stablecoin Linked To USD
Palau, an archipelago comprising approximately 340 islands in the Pacific Ocean, has embarked on a groundbreaking trial of its own stablecoin linked to the U.S. dollar. A member of the board of directors at the Ministry of Finance, revealed that the project commenced in March, with the design of a dedicated wallet, and successfully minted the first stablecoin in July. The trial period is set to run through August, with the stablecoin operating on Ripple’s XRP ledger, benefiting from technical assistance and personnel provided by Ripple, a major player in the cryptocurrency space.
We launched the pilot in March.
We’ve been distributing PSC for three weeks.
Today is our first official press release.
…#Palau #Dollar #Stablecoin #PSC #Kluk #XRP #XRPLedger #Ripple #DigitalCurrency #Blockchain #Technology #Fintech— Jay Hunter Anson (@JHX_1138) July 26, 2023
Palau Stablecoin Trial
The innovative initiative aims to explore the feasibility and potential advantages of a digital currency for Palau, a nation with a population of around 20,000, which currently lacks a central bank and utilizes the U.S. dollar as its official currency. The Palau Stablecoin (PSC) has been in circulation for three weeks, and Anson recently announced the first official press release, with further updates anticipated in the coming days.
However, the outcome of the trial remains uncertain, as Anson highlighted that the final decision on continuing the project will be determined by a report sent to the president and congress, along with recommendations based on the trial’s results. The Palauan authorities will then decide on the next steps to be taken in relation to the stablecoin.
NFT Residency Program
Notably, Palau has also forged a partnership with blockchain research firm Cryptic Labs to launch an innovative digital residency program, a first of its kind in the world. This program offers participants a non-fungible token (NFT) that represents their resident ID card, granting access to exclusive Palau-based perks, including shipping services and a physical address. Additionally, the country is actively working on establishing its own cryptocurrency exchange, showcasing a remarkable commitment to exploring the potential benefits of blockchain and cryptocurrency technologies.
Palau is not alone in its crypto endeavours within the Pacific region. Last year, Tonga expressed its interest in making Bitcoin legal tender, while back in 2018, the Republic of the Marshall Islands had plans to issue its own digital currency.
