According to news from PANews on July 26, according to Cointelegraph, the government of Palau, a Pacific island country, will launch a pilot project of a stable currency backed by the US dollar on July 26. New coins will be issued on the XRP Ledger. The country will issue the first Palau stablecoin (PSC) in a pilot program to government employees. This is after several days of testing with volunteers using a variety of devices to make purchases.


Nicknamed Kluk, likely due to its bird logo, PSC is the latest project to run on Ripple's CBDC platform, which launched in May. Ripple claimed at the time that it was in talks with more than 20 governments to issue central bank digital currencies (CBDCs). However, the agreement with Palau predates the new Ripple offering. Ripple announced a partnership with Palau in 2021, with a target launch date of 2022.
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