Palau Reports Successful First Phase of Stablecoin Pilot

The Republic of Palau has released a report detailing the positive outcomes of the initial phase of its stablecoin pilot. Launched in June 2023 with 200 volunteers, the pilot utilized Ripple Ledger technology to manage wallet transactions. The Ministry of Finance (MOF) disclosed that over 700 transactions occurred during this phase, with more than 400 being payments to retail merchants. The report highlights the favorable experiences of both participants and retailers, emphasizing the positive reception of the palau stablecoin (PSC) as a digital payment system, despite initial opposition from some government officials. (Source: Bitcoin.com)