© Reuters
PALAU – Ripple’s foray into the stablecoin space saw a positive first phase in Palau, as Jay Hunter Anson reported on Thursday. The pilot program, which began in July 2023, involved the issuance of a US dollar-pegged stablecoin on the XRP Ledger. The initiative was tested in a controlled environment with the participation of volunteer executive employees and local businesses.
The main results of the initial phase are:
- A total of 223 volunteers started the pilot project, of which 168 completed the phase.
- The stablecoin, known as PSC, was collateralized by USD cash.
- Positive feedback was provided by volunteers and participating retailers.
- There is growing preference for the adoption of the PSC as the national currency, pending government approval.
The successful completion of Phase 1 marks a significant milestone for Ripple and Palau in exploring digital currencies. The next stages of development will focus on expanding the ecosystem to include financial institutions, regulators, legal frameworks, businesses and users. This comprehensive approach aims to establish a strong stablecoin ecosystem in the country.
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