TechFlow reports that the Republic of Palau has released a report summarizing the results from the first phase of its stablecoin pilot, highlighting the achievements and popularity of the Palau Stablecoin (PSC). The pilot launched in June 2023 with 200 volunteers using Ripple Ledger technology as the backbone for controlling wallet transactions.
The Ministry of Finance (MOF) of Palau reported over 700 transactions completed during this phase, more than 400 of which were payments made to retailers. While the MOF did not explicitly mention a second phase of the PSC pilot, it stated that the "long-term goal is to implement the PSC nationwide, making it a convenient and cost-effective payment method," indicating that the project will likely continue in the near term.
