Ripple successfully concludes Phase 1 of the Palau Stablecoin (PSC) Pilot Project.
Pilot Phase 1 officially launched on March 1, 2023, involved 168 volunteers and minted 20,000 Palau stablecoins.
Further deployment is contingent on approval by the Palau government.
Ripple has achieved a significant milestone with the successful conclusion of the Palau Stablecoin (PSC) Pilot Project Phase 1. The completion was outlined in the “Ministry of Finance, Republic of Palau Stablecoin Program: Phase 1 Report,” dated December 7, 2023.
🇵🇼 Ministry of Finance Republic of Palau Stablecoin Program: Phase 1 Report" dated December 7, 2023, prepared by The Ministry of Finance and @Ripple Inc. This report provides an analysis and findings of the Palau #Stablecoin (PSC) Pilot Project Phase 1, a pioneering endeavor in… pic.twitter.com/SLtjYqfbI3
— Jay Hunter Anson (@JHX_1138) December 7, 2023
Initiated in partnership with Ripple, the Palau Stablecoin Pilot Project aimed to assess the viability, security, and innovation of the Palau Stablecoin as a payment solution.
The report delves into the execution of the project, presenting survey outcomes and crucial insights pivotal to the ongoing development and potential national-scale implementation of the Palau Stablecoin.
Launched in July 2023, the pilot program unfolded in phases, with approximately 200 government employees and local merchants estimated to be participating in the initial phase. The Palau Stablecoin Pilot Phase 1 officially launched on March 1, 2023, with the distribution of the stablecoin commencing June 30, 2023.
During this period, 168 end-user volunteers actively engaged in the pilot, with a total of 20,000 Palau Stablecoins minted and 16,900 distributed across user wallets.
The Palau Government’s Phase 1 Report highlights the success of the stablecoin program, with positive responses from both volunteers and retailers. Survey results indicate widespread support for Palau Stablecoin’s value proposition as a secure and efficient digital payment system. The survey was conducted among the 168 volunteers who were part of the pilot to get feedback on the experience of the users after using the stablecoin. The details from the report reveal that only 83 out of 168 volunteers responded to the survey.
A majority of respondents expressed their willingness to endorse PSC usage, pending approval for national deployment by the Palau government. The report also mentioned that the stablecoin will be deployed to a larger group after its initial acceptance by select retailers, government users, and feedback from those who found the stablecoin useful.
Speaking about the collaboration with Ripple back in July, the President of the Republic of Palau, Surangel Whipps Jr., highlighted their trust in Ripple and its expertise in CBDCs and blockchain technology.
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