The island nation Palau confirmed that it will launch its stablecoin on the XRP blockchain network.
Palau is an archipelago of over 500 islands, part of the Micronesia region in the western Pacific Ocean. Koror Island is home to the former capital. Crypto trading & investment is legal in this island nation. Binance, Bitmex, Deribit, Kraken, Crypto.com, Huobi, etc are popular crypto exchanges in Palau.
In December 2022, the Palau government established a partnership with San Francisco headquartered blockchain firm Ripple (XRP).
At the time, Palau president Surangel Whipps Jr. said that they will create a better environment for the crypto & blockchain sector to evolve.
A recent report by TheBlock confirmed that the Palau government announced that it will pilot its US dollar-pegged stablecoin on the XRP Ledger (XRPL).
In the initial phase of the stablecoin pilot project, Palau government officials & government employees will be allowed to use & test.
Palau president explained deeply about Palau stablecoin (PSC) and confirmed that the value of each PSC will be equal to $1 and people will be able to use more similar to fiat currency but will be accessible via PSC digital wallet.
A few crypto Twitter users claimed that Palau was already ready to launch PSC on XRPL but they rescheduled the timeline because of the XRP lawsuit.
In Dec 2020, the United States Securities Exchange Commission (SEC) sued Ripple executives & Ripple labs over the suspicious nature of the business model & nature of the XRP coin.
In a recent court ruling, the court judge ruled that the XRP coin was always security. In short, the court dismisses all the SEC’s charges.
Few reports claimed that the US SEC may appeal in the court against the XRP lawsuit court ruling, to again drag the Ripple firm under its charges.