The Palau stablecoin, which is fixed in value to the US dollar, has entered Phase One of its pilot project in partnership with Ripple. The project aims to make payments cheaper, faster, and easier, and bring financial inclusion to everyone, especially those in remote areas. The stablecoin can be used just like fiat currency on a digital wallet, and a live demonstration showed a transaction executed in 7 seconds. The Palau Ministry of Finance holds control of the stablecoin during the pilot phase, with select retailers able to redeem it for fiat currency to be sent to their local bank accounts.