Palau's USD-backed stablecoin will be minted on the XRP Ledger using the Ripple CBDC Platform as a pilot program.
This is part of a pilot program.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Ripple partnered with the Republic of Palau on a U.S. dollar-backed stablecoin pilot. The stablecoin will be minted on the XRP Ledger and will be distributed first to Palau government employees.
"Partnering with Ripple to help create our national digital currency is part of our commitment to lead in financial innovation and technologies, which will provide the citizens of Palau with greater financial access," Palau President Surangel Whipps Jr said, according to a press release. Palau's pilot project involves an initial distribution of the U.S. Dollar-backed Palau Stablecoin to government employees. The PSC has been nicknamed 'Kluk' and will be deployed on the XRP Ledger , using Ripple's Central Bank Digital Currency Platform.
"The Republic of Palau Stablecoin aka 'Kluk' is a prototype digitization of the US Dollar under development in partnership with Ripple, using the XRPL blockchain.
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