Palau will stop issuing a dollar stablecoin two months after launch
Date: 2023-09-08 Author: Karina Ziganova Categories: CRYPTO PAYMENTS, IN WORLD
Palau will complete a pilot program to create US dollar-backed stablecoins later this month. This is the subject of the news from September 7 on X by Jay Hunter, the country’s digital resident and representative of Palau-Media.
Hunter announced that distribution of the Palau stablecoin (PSC) will cease by this Friday, September 8th. Until September 15, he advised asset holders to use their tokens until the deadline, after which they would not be able to spend them.
He clarified that the deadlines were met “in order to provide authorities with additional time to process retailers’ redemption payments before the pilot project officially ends at the end of the month.”
Hunter did not disclose details about the suspension of the stablecoin. During the same period, the country plans to distribute the survey to participants in the coming week. This study will form the basis for the report that the Palauan Congress will submit to the President and the President.
He added:
“If approved to move to the next phase of the stablecoin program, our collective lessons learned will determine the path forward.”
In July, a stablecoin was issued by Palau. At the time, Hunter said that the stablecoin would revolutionize the way the country pays for goods and services.
Interestingly, the stablecoin operates on a blockchain network supported by Ripple and the XRP Ledger, which has become widespread in all countries thanks to its new technology for central bank digital currencies (CBDc).
