Palau advances CBDC with Ripple in Phase 2 of PSC program launch
Phase 2 of the PSC program will prioritize the development of a digital ecosystem and increased user engagement, emphasizing adherence to regulatory compliance.
The Ministry of Finance in Palau officially launched the second phase of the Palau Stablecoin (PSC) Program. Jay Hunter Anson, a cybersecurity consultant in Palau, confirmed the initiation of the country’s CBDC pilot program in a post.
Anson expressed that Palau aims to extend its partnership with Ripple in this next stage, allowing the PSC team to leverage Ripple’s CBDC platform and technical expertise.
PSC is a digital currency pegged to the U.S. dollar at 1:1. The USD-supporting PSC is stored in a commercial bank with FDIC insurance. The Palau government issues the PSC on the XRP Ledger (XRPL).
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Author: Amaka Nwaokocha
