Paulas on Thursday Reiterated its commitment as it partners with Ripple to building a government-backed stablecoin.
This explanation came after Bitcoinists indiscriminately composed an article named “The Republic Of Palau Ceases Ripple-Based Stablecoin On Friday, Here’s The Reason.” The article followed a proclamation from Anson about Palau closing the first phase of its stablecoin experimental program.
In the explanation, Anson noticed the claim was wrong. He added that Palau is anxious to keep up with its joint effort with Ripple to use the XRP Record (XRPL) to improve the plan of its stablecoin solution.
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Not accurate.
Palau is absolutely looking forward to continuing our partnership with @Ripple using the #XRPL to refine our #Stablecoin solution design.
The Palau Stablecoin was always a temporary, research and development pilot.
Originally scheduled for 60 days, we’ve…
— Jay Hunter Anson (@JHX_1138) September 7, 2023
After the Bitcoinist Article was released, it was speculated online and was on different well-known websites without them confirming it authenticity.
Here’s another garbage article by @TimesTabloid1
English is my third language, but I literally wrote in my post why we’ve stopped distributing PSC:
1. To complete retailer redemption
2. So we can start writing our reportWe freeze the current batch of PSC and then mint new… https://t.co/qcuevVTBzZ pic.twitter.com/vY4D6Z9KZ9
— Jay Hunter Anson (@JHX_1138) September 8, 2023
PSC a Research Project
More, Anson explained that the nation started the Palau Stablecoin (PSC) project as an impermanent innovative research pilot. The test project was designated a 60-day time frame that was subsequently stretched out by an additional 30 days.
As per the director, the extension came after the nation found more use cases along the pilot stage. It was likewise in light of the developing interest from Palau’s general population to partake.
Likewise, Anson noticed that they stopped the primary pilot from committing time to accumulating information and gathering an exhaustive report planned for a government initiative.
Anson referenced that the report will envelop suggestions for the approaching pilot stage. He added that it will likewise frame the prerequisites for executing a full-scale production program.
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PSC Roadmap And Course Of Event
In a subsequent tweet, the Palau director explained the course of events of the stablecoin project throughout recent years. As per the data, the Palau government started the stablecoin converses with Ripple throughout the mid-year of 2021.
🇵🇼 Palau Stablecoin Project: A Timeline
Summer/Fall 2021: Initial Talks between Palau Government and #Ripple
June 2022: Project Team formed and work begins on #PSC solution design using public #XRPL
November 2022: Palau Admin/Ops Team Training; initial talks with potential… https://t.co/9403KMAkuq pic.twitter.com/B8x6pJIpc0
— Jay Hunter Anson (@JHX_1138) September 7, 2023
In June 2022, the nation framed a team, and they started planning the stablecoin utilizing XRPL. Palau coordinated an instructional course and started conversations with potential retailers six months from then.
By March 2023, Palau called for 200 retailers to take part in the experimental run program. They completed an onboarding program close by KYC confirmation in April and May, with comparative training meetings in June.
In July 2023, the nation started testing the PSC solution design, which was finished in August. The guide for September incorporates conveying the last report and survey to the presidency and Congress.
In August 2023, Solution design testing will be finished. In September 2023, the specialists will present the overview and last report to the President and Congress. In November 2023, the group likely designs to start Pilot 2 in alignment with the Christmas season.