1 year ago
Palau volition extremity the aviator programme of its U.S. Dollar-backed stablecoin efforts aboriginal this month, according to a Sept. 7 post connected X by Jay Hunter, the country’s caput of integer residency.
Hunter revealed that the organisation of the Palau Stablecoin (PSC) volition cease by this Friday, Sept. 8. He advised holders of the plus to utilize their tokens earlier Sept. 15, aft which they cannot walk them.
He added that the deadlines person been implemented to springiness the authorities much “time to process retailer redemptions earlier the Pilot’s authoritative termination astatine the extremity of the month.”
Hunter did not supply circumstantial details regarding the suspension of the stablecoin. However, helium mentioned that the state intends to administer a survey to participants successful the coming week. This survey volition beryllium the ground for submitting a study to the Palau Congress and the President.
He added:
“If we are authorized to determination guardant with the adjacent signifier of the Stablecoin program, our corporate lessons learned volition signifier the mode ahead.”
Palau rolled out the stablecoin successful July. At the time, Hunter said the stablecoin would revolutionize the mode goods and services are paid for successful the country.
Notably, the stablecoin operates connected the Ripple-backed blockchain network, XRP Ledger, which has seen accrued adoption crossed antithetic countries owed to its novel technology for Central Bank Digital Currencies (CBDCs).
The station Palau to discontinue dollar-based stablecoin 2 months aft launch appeared archetypal connected CryptoSlate.
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