The government of Palau is set to begin a pilot project for a United States dollar-backed stablecoin on July 26. The new coin will be issued on XRP Ledger.

The country will release the first Palau Stablecoins (PSCs) in the pilot project to government employees. This comes after several days of testing using volunteers to make purchases with various devices.

The PSC, nicknamed the Kluk, possibly due to its bird logo, is the latest project to run on the Ripple CBDC Platform that debuted in May. Ripple claimed at that time to be in talks with over 20 governments about central bank digital currency (CBDC) issuance. The agreement with Palau predates the new Ripple product, however. Ripple’s partnership with Palau was announced in 2021, with a target launch date in 2022.

Palau is spread across a group of islands in the Oceania region of the Pacific Ocean. It has a population of slightly more than 18,000 and uses the U.S. dollar as its national currency.

Related: Montenegro’s central bank teams up with Ripple on digital currency pilot project

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Author: Derek Andersen

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