TechFlow reports that the government of Palau will launch a dollar-backed stablecoin pilot project on July 26. The new coin will be issued on the XRP Ledger and runs on Ripple's CBDC Platform, the same platform introduced in May. The country will distribute the first batch of Palau Stablecoins (PSC) to government employees participating in the pilot.
Palau has already established a digital residency program and issued IDs supported by Cryptic Labs, which function as NFTs on the Binance BNB blockchain. Palau’s Root Name System ID can be used for identification and Know-Your-Customer purposes and is recognized by several major international entities. The monthly fee is just over $20.
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