The Republic of Palau Joins Forces with Ripple for Pilot Stablecoin
Source: Travis Wolfe
- Ripple Labs in collaboration with the Republic of Palau is launching a stablecoin with provisions to track its transactions.
- Ripple would provide adequate resources for Palau to manage and customize the entire life cycle of PSC.
The partnership between Ripple Labs and the Republic of Palau to launch Palau Stablecoin (PSC), backed by the U.S. Dollar has reportedly entered the Phase One pilot. According to the report, some government employees have volunteered to be part of this pilot phase.
They are expected to use the PSC in some selected local merchants in Palau. For now, Surrangel and Sons, The Penthouse Hotel, and King’s Minute Mart are the merchants known to be accepting the stablecoin for payment during this program.
This means the participants would receive a bonus allotment of PSC for this initiative. Phase one of this pilot is said to have some success criteria to boost confidence among the citizens.
The Palau Ministry of Finance (MOF) can securely mint, distribute, and process inbound PSC redemptions. The Ministry can also maintain control of the total circulation at every time on the clock. The retailers involved can receive and verify payments made with the stablecoin. They can also choose to convert them to fiat in their local bank accounts.
The partnership is meant to take advantage of the Ripple CBDC Platform to issue the CBDC. This Ripple CBDC platform operates as an end-to-end solution designed for Central Banks in this regard.
Jay Hunter Anson, FinTech Project Manager for the Palau Ministry of Finance spoke about the pilot program:
This is a prototype digital currency going through pilot testing that has the potential to revolutionize the way goods and services are paid for in Palau. The Palau Stablecoin offers a “fee-free” secure, transparent, and convenient option for payments that is more efficient than other online payment services.
Ripple and Palau’s Partnership to Introduce PSC Pilot Wallet
Another interesting disclosure is that Ripple would provide enough resources for Palau to manage and customize the life cycle of the stablecoin in addition to its transactions, distribution, and redemption.
The expressed President of the Republic of Palau, S. Whipps Jr spoke about this:
By digitizing our currency, we hope to mobilize our economy and government processes to accelerate financial transitions and empower our citizens.
According to him, the size of the country makes it conducive for initiatives like stablecoin. The full implementation of PSC is expected to advance financial inclusion, reduce currency transaction costs, accelerate transaction settlement times, and also provide secure and efficient payment tools for commercial activities.
Another interesting merit of the Ripple and the Republic of Palau partnership is that users would be able to track PSC transactions on the XRP Ledger in real-time, thanks to the XRPL explorer and network analysis platform XRPScan. XRPScan has disclosed in a tweet that there would be a Palau Stablecoin Pilot wallet to provide comprehensive details of the issuer’s address.
Explorer has already disclosed the history of more than 25 successful transactions that happened between 27 and 28 July 2023. The newly added PSC wallet on XRPScan has properties indicating that address designation tags for transactions are required. However, there is a conscious access control as the access key is currently disabled.
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