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Palau to Abandon Dollar-Backed Digital Coin Merely 2 Months After Debut

Palau to abandon dollar-backed digital currency

Palau's foray into the world of U.S. Dollar-backed stablecoins is coming to an end, with an announcement from Jay Hunter, the country's digital residency head, on September 7th.

The Palau Stablecoin (PSC) distribution will come to a halt by this Friday, September 8th, and token holders are urged to use their assets before September 15th when they will become unusable.

These deadlines are in place to facilitate the processing of retailer redemptions before the pilot program officially concludes at the end of the month.

While specific details about the suspension of the stablecoin remain undisclosed, Hunter mentioned that a survey will be distributed to participants in the upcoming week. The survey will serve as the foundation for a report to be submitted to the Palau Congress and the President.

Palau initially introduced the stablecoin in July, with Hunter proclaiming that it would revolutionize payment methods for goods and services within the country.

Notably, the stablecoin operates on the Ripple-backed XRP Ledger, a blockchain network garnering attention globally for its innovative Central Bank Digital Currency (CBDC) technology.


DISCLAIMER: This article is solely for informational purposes and not for financial, investment, or trading advice, and should not be relied upon for making decisions. Furthermore, has no positions in the cryptocurrency mentioned in this article. For more see our full disclosure here.


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