Live Tracking of Palau Stablecoin Now Possible on XRP Ledger

XRPScan introduces real-time tracking of Palau Stablecoin transactions on the XRP Ledger (XRPL), bringing transparency to Ripple and Palau’s collaboration.

In a remarkable development for the crypto community, users can now closely track the Palau Stablecoin (PSC) transactions on the XRP Ledger in real-time. This development is courtesy of XRPScan, the XRPL explorer and network analysis platform.

PSC Wallet on XRPScan 

In a recent tweet, XRPScan revealed the addition of the Palau Stablecoin Pilot wallet, providing comprehensive details about the issuer’s address. 

This move is particularly significant as it ushered in a new level of transparency, giving users access to crucial information about payments and trust sets related to the Palau Stablecoin.

New wallet addition: Palau Stablecoin Pilot (Issuer) https://t.co/70ZxIG40EY https://t.co/BBFhSjmePo

— XRPScan (@xrpscan) July 27, 2023

The explorer revealed a history of over 25 successful transactions between 27 and 28 July 2023. The two most recent transactions from the wallet involved the movement of 30,000 PSC to XRPL-affiliated wallets in a trust set transaction.

One significant transaction was the execution of a Trustline involving a massive 25 billion PSC. Note that a Trustline transaction doesn’t typically involve moving tokens on the blockchain. Instead, it establishes trust between both parties to exchange the tokens on the XRPL.

Notably, the properties of the newly added PSC wallet on XRPScan indicate that the address requires designation tags for its transactions. Also, the Master key is currently disabled, demonstrating a cautious access control.

Ripple and Palau Stablecoin Collab

The latest development comes a few hours after Ripple announced that the Palau Stablecoin pilot program had reached Phase One, involving the voluntary participation of government employees. These participants have embraced PSC for transactions with select local merchants in Palau. 

Recall that The Crypto Basic reported Monday that Ripple and Palau recently minted the first PSC coin.

Notably, merchants like Surrangel and Sons, The Penthouse Hotel, and King’s Minute Mart have joined the initiative, accepting the Palau Stablecoin as a means of payment during the pilot.

Jay Hunter Anson, the FinTech Project Manager for the Palau Ministry of Finance, shared his enthusiasm for the pilot program, highlighting the transformative potential of the Palau Stablecoin. 

He described it as a “prototype digital currency” undergoing rigorous pilot testing, potentially revolutionizing the payment landscape in Palau.