[ccpw id="39382"]

HomeCrypto NewsMarketRipple CBDC Advisor Reacts as Palau Stablecoin Adds Wallet-to-Wallet Transfer Feature

Ripple CBDC Advisor Reacts as Palau Stablecoin Adds Wallet-to-Wallet Transfer Feature


Ripple CBDC Advisor reacts to the inclusion of peer-to-peer feature that allows citizens to transfer funds from wallet to wallet without transaction fees on the Palau stablecoin project.

- Advertisement -

In an exciting turn of events, the stablecoin project of the Republic of Palau now has a peer-to-peer feature set to transform the payment initiative further. 

Jay Hunter Anson, Palau Digital Residency Office Director, disclosed the recent development in a recent post. Anson took to X (fka Twitter) on Wednesday to excitedly share the new use case for the Palau stablecoin (PSC). 

In the tweet, Anson revealed that citizens of Palau now have the added advantage of transferring funds from wallet to wallet. According to the official, this innovation presents a remarkable solution for cultural collections. 

- Advertisement -

Furthermore, Anson noted that the feature will streamline processes and eliminate the hassles of time-wasting and transaction fees. It also includes security convenience to mitigate the risks associated with physical cash transactions.

Moreover, the tweet emphasized the numerous benefits of the development, including cost-effectiveness, carbon neutrality, and environmental responsibility. According to the official, the PSC initiative aligns with “Blue Economy” principles, which adapts to local culture. 

Ripple CBDC Advisor Reacts

Recognizing the significance of this advancement, Ripple CBDC advisor, Anthony Welfare, lauded the wallet-to-wallet transfer use case. Welfare expressed that person-to-person payments without incurring costs are a fantastic feature for Palau stablecoin and other Central Bank Digital Currencies. 

- Advertisement -

Additionally, he highlighted the added layer of security coupled with eliminating geographic limitations for transactions. Put together, these further underscore the transformative impact of the innovation. 

Welfare’s positive remarks underscore digital currencies’ growing importance and potential to revolutionize financial transactions. He expressed gratitude to Jay Hunter Anson for spearheading the pioneering initiative.

Notably, the Palau Finance Ministry recently achieved a significant milestone, gaining the capability to securely mint, distribute, and process inbound redemptions. 

It is worth mentioning that the Palau Stablecoin project runs on Ripple’s cross-border payment solution. As The Crypto Basic reported, live tracking of the PSC development has become possible on the XRP Ledger (XRPL). 

Follow Us on Twitter and Facebook.

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.



Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a blockchain writer with a specific interest in journalistic writing. He covers breaking events in the crypto community and blockchain industry. Over the past year, he has published over 1,500 short-form and long-form content for Web3 publishing firms.

More from Author