Palau’s Digital Residency Office Director reveals the successful minting of Palau’s first Stablecoin (PSC) in collaboration with Ripple.
Jay Hunter Anson, Director of Palau’s Digital Residency Program, recently took to Twitter to announce a momentous development for the crypto community, with particular reference to the Ripple community.
Anson revealed that the Palau National Treasury Director and a Senior Engineer & Lead Project Manager from Ripple joined forces to celebrate the successful minting of the very first Palau Stablecoin (PSC).Â
?? Palau National Treasury Director and our Industry partner @Ripple Senior Engineer & Lead Project Manager celebrate minting the very first Palau Stablecoin (PSC) at the National Capitol in Ngerulmud
The very limited & controlled PSC pilot tests specific use cases inside Palau… pic.twitter.com/LYcA1cjJJi
— Jay Hunter Anson (@JHX_1138) July 24, 2023
PSC Pilot Program with RippleÂ
The event took place at the National Capitol in Ngerulmud, Palau. Anson emphasized that the PSC launch is a significant step in their collaboration with Ripple, as they jointly explore the potential of this stablecoin in specific use cases within the country. Interestingly, this strategic initiative received explicit approval from the Palau Congress, adding an official stamp of legitimacy to the PSC pilot program.
It is worth noting that the PSC stablecoin is powdered by the XRP Ledger (XRPL), as The Crypto Basic reported previously.
Anson’s tweet further revealed that the controlled and limited PSC pilot tests were carried out to verify the effectiveness and efficiency of the solution designed jointly with Ripple. By conducting these pilot experiments, the stakeholders aim to gain valuable insights into the stability and usability of the Palau Stablecoin before scaling it to the public.
Previously, Anson tweeted about a volunteer user participating in the Palau Stablecoin Pilot. The accompanying video showcased a user seamlessly making a purchase at a partner vendor in Palau, followed by an instant confirmation of the transaction receipt.
A Palau Stablecoin Pilot volunteer user makes a purchase at partner vendor Kings Mart in Koror, Palau ?? The very limited & controlled PSC pilot tests specific use cases inside #Palau to validate our solution design in collaboration with #Ripple as authorized by the Palau… pic.twitter.com/WZNCsGQ2Jt
— Jay Hunter Anson (@JHX_1138) July 19, 2023
Why The PSC Stablecoin?Â
According to the Palau government’s Ministry of Finance, creating the Stablecoin project is deemed necessary to address specific needs in Palau. The Ministry of Finance has taken the initiative to sponsor the project to reduce the cost of payments within the Republic of Palau. The primary objective is to enhance access to financial services, especially for underserved communities and various socio-economic groups, by leveraging digital solutions.
Throughout these updates, Jay Hunter Anson expressed his enthusiasm for the controlled pilot tests. The director’s statements generated considerable interest and excitement among the crypto community, as they eagerly await further development and implementation of the Palau Stablecoin within the nation’s economy.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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