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Palau Moves Ahead With Second Phase of Stablecoin Pilot

Palau Moves Ahead With Second Phase of Stablecoin Pilot

The Republic of Palau has announced the launch of the second phase of its stablecoin project. Jay Hunter Anson, a member of the board of directors of Palau’s Ministry of Finance (MOF), declared that the new phase will focus on building a robust ecosystem, expanding accessibility and user participation with compliance in mind.

Palau Launches Phase 2 of Palau Stablecoin (PSC) Pilot

Jau Hunter Anson, member of the board of directors of the Ministry of Finance of Palau (MOF), revealed that the republic had officially launched the second phase of its stablecoin pilot. The initiative, which seeks to simplify transactions by providing a digital equivalent to the U.S. dollar, will now expand significantly, seeking to include more users and use cases through education initiatives.

The announcement comes after the release of a report that declared the first phase of the pilot a success, based on the feedback provided by 200 users who completed over 700 transactions during this period.

Anson broadly referred to the new proposed goals of the new phase. He stated:

Phase 2 will focus on building a robust digital ecosystem, expanding accessibility and user participation with an emphasis on legal and regulatory compliance.

Furthermore, he confirmed the involvement of Ripple as a tech partner during this new phase, stressing that the country will continue to leverage Ripple’s carbon-neutral central bank digital currency (CBDC) platform and technical expertise.

Antony Welfare, a CBDC strategic advisor at Ripple, highlighted the benefits that adopting a token such as the Palau Stablecoin (PSC) can bring to a country like Palau, stating that due to its divided geography comprised of more than 340 islands, fiat transactions were challenging and mobile data was expensive. “The solution enables offline payments so that if there is a power outage or data loss, transactions can still be made,” Welfare explained.

Anson remarked the PSC pilot represented a step forward, spearheading Palau’s commitment to enhancing innovation and financial modernization.

What do you think about the launch of the second phase of Palau’s stablecoin pilot? Tell us in the comments section below.

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