Ripple is venturing in a new direction by collaborating with The Republic of Palau to pilot a USD-backed stablecoin on XRP Ledger.
Ripple, the blockchain technology firm, and the Republic of Palau have teamed up for a groundbreaking stablecoin project. According to Ripple’s latest post, the two partners will work on issuing a Palau Stablecoin (PSC), backed by the U.S Dollar and operating on the XRP Ledger (XRPL).
The Palau Enables First Domestic CBDC Payment
The initial phase of the Palau Stablecoin pilot has reportedly commenced. Phase One pilot involves the participation of Palau government employees in using PSC for transactions with select local merchants.
The Palau Ministry of Finance (MO) has real-time, round-the-clock control over securely minting, distributing, and processing inbound PSC redemptions. Palau government employees can seamlessly use PSC for purchases at selected retailers, facilitating smooth point-of-sale…
