PALAU - Ripple's foray into the stablecoin space has seen a positive first phase in Palau, as reported by Jay Hunter Anson on Thursday. The pilot program, which began in July 2023, involved the issuance of a stablecoin pegged to the US dollar on the XRP Ledger. The initiative was tested in a controlled environment with executive branch employee volunteers and local businesses participating.
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, was backed by USD cash collateral.
- Both volunteers and participating retailers provided positive feedback.
- There is a growing preference for the adoption of PSC as a national currency, pending government approval.
The successful completion of Phase 1 marks a significant 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, regulatory bodies, legal frameworks, businesses, and users. This comprehensive approach aims to establish a robust stablecoin ecosystem within the country.
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