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Palau to Launch Pilot Project for US Dollar-Backed Stablecoin on XRP Ledger

Palau's government will launch a pilot project for a US dollar-backed stablecoin on July 26, using Ripple's CBDC platform. The Palau Stablecoins (PSCs), nicknamed Kluk, will be issued to government employees in the pilot project after testing with volunteers. Palau already has a digital residency program and issues ID supported by Cryptic Labs, available as a nonfungible token on the Binance BNB blockchain. Pacific island nations have been active in crypto development, with the Republic of the Marshall Islands launching a CBDC and Vanuatu hosting Satoshi Island for the crypto community.

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