The Republic of Palau has entered phase 2 of its PSC stablecoin development goal with the XRP">XRP Ledger (XRPL) powering the ongoing trial. The Phase 1 pilot lasted three months and was deemed successful, paving the way for the next stage.
The Palau Stablecoin (PSC) is a US dollar-pegged token held in an FDIC-insured bank designed to enhance financial accessibility. XRPL facilitates settlements with the token and enables offline transactions critical given infrastructure constraints across Palau’s islands.
XRPL enthusiast Anthony Welfare highlighted the phase 2 launch, reacting to an announcement from Palau cybersecurity expert Jay Hunter Anson. Welfare expressed optimism about integrating a stablecoin with XRPL’s capabilities.
“Using a blockchain-based digital currency opens innovative opportunities – reducing transaction fees, lowering money flow’s carbon footprint, and increasing inclusion since no bank account is needed,” he stated.
As a component of Ripple Labs’ ecosystem, XRPL’s role in driving the firm’s CBDC vision has been noteworthy. With upgrades like “fixReducedOffersV1” and its 84th millionth ledger recently closed, the protocol continues enhancing its robust infrastructure.
With Palau’s phase 2 trial underway, XRPL may further showcase its ability to provide critical financial access and payments solutions for countries and currencies worldwide through crypto rails.
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