Stablecoin

Pacific

Solana

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 Palau's USD-backed stablecoin build on XRP Ledger will be frozen on Sept. 15 as the government will be collecting feedback from users to shape the way ahead. 
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<div class="cointelegraph"> 
 Palau, a country in the western Pacific Ocean, is wrapping up its U.S. dollar <a rel="noopener noreferrer nofollow" title="stable" href="https://thebittimes.com/tag/stable.html">stable</a>coin project after launching the <a rel="noopener noreferrer nofollow" title="pilot" href="https://thebittimes.com/tag/pilot.html">pilot</a> in August. 
 Jay Hunter, Palau Ministry of Finance member and head of digital residency program, took to X (formerly Twitter) to announce that the government will cease the distribution of the Palau Stablecoin (PSC) on Sept. 8. 
 Following the distribution halt, the Palau Stablecoin will also be frozen after Sept. 15, becoming unavailable for spending by users, Hunter said, noting: 
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 “After Sept. 15 you will no longer be able to spend the PSC. This will give us time to process retailer redemptions before the pilot’s official termination at the end of the month.” 
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 In the announcement, Hunter didn’t provide exact reasons for freezing the <a rel="noopener noreferrer nofollow" title="stable" href="https://thebittimes.com/tag/stable.html">stable</a>coin, only noting that the government will send a survey to <a rel="noopener noreferrer nofollow" title="pilot" href="https://thebittimes.com/tag/pilot.html">pilot</a> participants next week. The move came weeks after the government launched the PSC in late July. 
 “If we are authorized to move forward with the next phase of the stablecoin program, our collective lessons learned will shape the way ahead,” the official said. He added that users' feedback would be critical to developing the final report to the Palau Congress and the president. 
 Related: Visa taps into Solana to widen USDC payment capability 
 The news comes shortly after Hunter posted a study devoted to <a rel="noopener noreferrer nofollow" title="stable" href="https://thebittimes.com/tag/stable.html">stable</a>coin technology and related security considerations from the National Institute of Standards and Technology. Issued in September, the study evaluated some of the necessary properties of security and stability and identified “18 potential issues in <a rel="noopener noreferrer nofollow" title="stable" href="https://thebittimes.com/tag/stable.html">stable</a>coin implementations.” 
 <blockquote class="twitter-tweet"> 
 Stablecoins are a type of cryptocurrency that aim to maintain a stable price relative to a specified asset (usually a fiat currency). Much has been written about how to use stablecoins and about the economic implications of doing so, specifically price variability. However,… pic.twitter.com/Hek7tUqXZR— Jay Hunter Anson (@JHX_1138) September 5, 2023 
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 Nicknamed the Kluk, the Palau Stablecoin is designed to reduce transaction costs and enhance the speed of transfers for citizens, merchants and the government of Palau. The stablecoin was built on Ripple’s XRP Ledger, a platform focused on the issuance of central bank digital currencies (CBDC). 
 The XRP ledger CBDC platform also serves as the foundation for similar pilot projects in countries like Hong Kong, Bhutan, Colombia and Montenegro. 
 Magazine: Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in 
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/palau-to-freeze-usd-backed-stablecoin-after-pilot-launch-in-july-tbt61862.html">https://thebittimes.com/palau-to-freeze-usd-backed-stablecoin-after-pilot-launch-in-july-tbt61862.html</a>

Palau to freeze USD-backed stablecoin after pilot launch in July

TheBitTimes

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