Pal
au Moves Ahead With Second Phase of Stablecoin 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.Anson broadly referred to the new proposed goals of the new phase.
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. 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.
