Palau Ends U.S. Dollar Stablecoin Project After Pilot Program
Summary:
Palau is ending its U.S. dollar stablecoin project, the Palau Stablecoin (PSC), after conducting a pilot since August. The government has decided to cease distribution of PSC and freeze it, following which it will no longer be available for spending. The decision comes with plans to gather feedback from pilot participants to shape the future of the stablecoin program. The PSC aimed to reduce transaction costs and enhance transfer speed in Palau and was built on Ripple's XRP Ledger.
Palau has decided to end its U.S. dollar stablecoin project, known as the Palau Stablecoin (PSC), after conducting a pilot since August. Jay Hunter, a member of the Palau Ministry of Finance, took to social media to announce that the distribution of PSC will cease on September 8. Following this, the stablecoin will be frozen on September 15, making it unavailable for spending. The decision to freeze the stablecoin was not accompanied by specific reasons, but Hunter mentioned that a survey will be sent to pilot participants to gather feedback. The government aims to use this feedback to shape the future of the stablecoin program. The PSC was launched in late July with the goal of reducing transaction costs and improving transfer speed for the people, businesses, and government of Palau. It was built on Ripple's XRP Ledger, a platform that focuses on central bank digital currencies. The decision to end the project comes shortly after Hunter shared a study on stablecoin technology and security considerations.
Published At
9/7/2023 9:49:44 AM
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