Ripple Scores Main Win with Profitable Palau Stablecoin Pilot

• Ripple efficiently concludes Section 1 of the Palau Stablecoin (PSC) Pilot Venture.
• Pilot Section 1 formally launched on March 1, 2023, concerned 168 volunteers and minted 20,000 Palau stablecoins.
•  Additional deployment is contingent on approval by the Palau authorities.

Ripple has achieved a big milestone with the profitable conclusion of the Palau Stablecoin (PSC) Pilot Venture Section 1. The completion was outlined within the “Ministry of Finance, Republic of Palau Stablecoin Program: Section 1 Report,” dated December 7, 2023.

Initiated in partnership with Ripple, the Palau Stablecoin Pilot Venture aimed to evaluate the viability, safety, and innovation of the Palau Stablecoin as a cost answer. 

The report delves into the execution of the challenge, presenting survey outcomes and essential insights pivotal to the continued growth and potential national-scale implementation of the Palau Stablecoin.

Launched in July 2023, the pilot program unfolded in phases, with roughly 200 authorities workers and native retailers estimated to be taking part within the preliminary part. The Palau Stablecoin Pilot Section 1 formally launched on March 1, 2023, with the distribution of the stablecoin commencing June 30, 2023.

Throughout this era, 168 end-user volunteers actively engaged within the pilot, with a complete of 20,000 Palau Stablecoins minted and 16,900 distributed throughout person wallets.

The Palau Authorities’s Section 1 Report highlights the success of the stablecoin program, with constructive responses from each volunteers and retailers. Survey outcomes point out widespread assist for Palau Stablecoin’s worth proposition as a safe and environment friendly digital cost system. The survey was performed among the many 168 volunteers who had been a part of the pilot to get suggestions on the expertise of the customers after utilizing the stablecoin. The main points from the report reveal that solely 83 out of 168 volunteers responded to the survey.

A majority of respondents expressed their willingness to endorse PSC utilization, pending approval for nationwide deployment by the Palau authorities. The report additionally talked about that the stablecoin can be deployed to a bigger group after its preliminary acceptance by choose retailers, authorities customers, and suggestions from those that discovered the stablecoin helpful.

Talking in regards to the collaboration with Ripple again in July, the President of the Republic of Palau, Surangel Whipps Jr., highlighted their belief in Ripple and its experience in CBDCs and blockchain expertise.