USD-backed stablecoin pilot project launched by Pacific island nation of Palau

10 months ago 65

The Palau Stablecoin, oregon “Kluk,” volition beryllium minted connected XRP Ledger utilizing the Ripple CBDC Platform and volition beryllium distributed archetypal to authorities employees.

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USD-backed stablecoin aviator  task  launched by Pacific land  federation  of Palau

The authorities of Palau is acceptable to statesman a aviator task for a United States dollar-backed stablecoin connected July 26. The caller coin volition beryllium issued connected XRP Ledger.

The state volition merchandise the archetypal Palau Stablecoins (PSCs) successful the aviator task to authorities employees. This comes aft respective days of investigating utilizing volunteers to marque purchases with assorted devices.

The PSC, nicknamed the Kluk, perchance owed to its vertebrate logo, is the latest task to tally connected the Ripple CBDC Platform that debuted successful May. Ripple claimed astatine that clip to beryllium successful talks with implicit 20 governments astir cardinal slope integer currency (CBDC) issuance. The statement with Palau predates the caller Ripple product, however. Ripple’s concern with Palau was announced successful 2021, with a people motorboat day successful 2022.

The Kluk. Source: Twitter, Jay Hunter Anson

Palau is dispersed crossed a radical of islands successful the Oceania portion of the Pacific Ocean. It has a colonisation of somewhat much than 18,000 and uses the U.S. dollar arsenic its nationalist currency.

Related: Montenegro’s cardinal slope teams up with Ripple connected integer currency aviator project

The state already has a integer residency program and issues ID supported by Cryptic Labs that is disposable arsenic a nonfungible token connected the Binance BNB blockchain. Palau’s Root Name System ID is valid for recognition and Know Your Customer purposes and is recognized by respective large planetary entities. It costs conscionable implicit $20 per month.

So acold during this constricted aviator we person successfully tested PSC with WebApp and Android Wallets (multiple OS versions and smartphone models).

iPhone wallet app is coming soon

✔️Minted by Republic of Palau National Treasury
✔️Distribution by Ministry of Finance
✔️Wallet to…

— Jay Hunter Anson (@JHX_1138) July 19, 2023

Pacific land nations person been a hotbed of crypto improvement successful caller years. For example, the Republic of the Marshall Islands is launching a CBDC and has legalized decentralized autonomous organizations (DAOs). Vanuatu hosts the Satoshi Island “place for the crypto assemblage to telephone home.” Tonga announced plans to present Bitcoin arsenic ineligible tender, though it seems to person missed its planned January 2023 launch.

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