Stablecoin

Dollar

Pacific

when

<ul class="wp-block-list news-points">
 <li>Ripple and Palau have collaborated on the new Palau Stablecoin (PSC).</li>
 <li>The stablecoin will be issued on the XRP Ledger (XRPL).</li>
 <li>The Republic of Palau’s Ministry of Finance (MOF) will be involved in PSC’s development.</li>
</ul>
The Republic of Palau, an island nation in the western Pacific Ocean, partnered with American fintech firm Ripple back in 2021 for its stablecoin project and the two have shared a series of updates on the same. Notably, Palau’s official currency is the US dollar and the collaboration seeks to debut a stablecoin version of the currency.&nbsp;
Notably, the stablecoin will be backed by the US dollar in a 1:1 ratio and as per official <a href="https://www.palaugov.pw/wp-content/uploads/Republic-of-Palau-Stablecoin-Program-Phase-1-Report.pdf" target="_blank" rel="noopener noreferrer nofollow">documents</a>, it will be issued on the XRP Ledger, the blockchain created by Ripple.&nbsp;
Palau has taken a huge leap towards a cashless society with the debut of the stablecoin project. The 3-month pilot took place in 2023 and ended in September when the Palau Stablecoin (PSC) was issued to around 200 local merchants and government employees across the region.&nbsp;
Interestingly, the PSC will be rolled out on a larger scale, based on the official document published in December, enabling people to make everyday transactions u…
The post <a href="https://coinedition.com/palaus-digital-dollar-dream-a-ripple-effect/" rel="noopener noreferrer nofollow">Palau’s Digital Dollar Dream: A Ripple Effect</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Palau’s Digital Dollar Dream: A Ripple Effect

Coin Edition

Other articles published on Aug 20, 2024

These 5 Altcoins Could Make Millionaires by Year’s End!

Restore the Republic Token $RTR Crashes 95% After Trump Family Denial

US-listed Bitcoin miners hold funding edge over private and foreign peers

Crypto ATM sting in Germany leads to $28m seizure

Brazil clears its second spot Solana ETF for trading

DOGS Eyes $550M Market Cap, Surpasses $4M in Pre-Market Volume

Join our free newsletter for daily crypto updates!