with the Republic of Palau to test a U.S. Dollar-backed stablecoin on the XRP Ledger.
This noteworthy project, which has been under development for some time, marks the introduction of the Palau Stablecoin . The PSC represents a digital currency prototype with the potential to significantly change the transaction methods for goods and services in Palau. The initial phase of the program involves government employees voluntarily using PSC at specified local businesses.
The PSC is designed to provide a"fee-free" secure, transparent, and convenient payment option that aims to be more efficient than other online payment services. As a crucial component of this pilot, thewill be employed. This platform is an end-to-end solution enabling central banks to issue their own central bank digital currency .
The decision to adopt digital currency has been hailed as a transformative move for Palau. President S. Whipps Jr. hopes that the initiative will mobilize the country’s economy and accelerate government processes.
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