Palau releases report on stablecoin pilot project: 36.6% of respondents are very satisfied, future focus on using stablecoins to create an ecosystem

ChainCatcher news, the Pacific island nation of Palau has released a report on the first phase of a pilot project for a Ripple-based stablecoin. The pilot project started in June 2023 and concluded in September 2023, with a total of 168 participants. The survey results showed that 31.7% of respondents were satisfied with the project, while 36.6% expressed that they were very satisfied. 58% of respondents found setting up and using the wallet for payments easy or very easy. However, half of the respondents reported that the wallet usage or payment processing was slow, or encountered issues when using QR codes and manually entering addresses.

The Palau Ministry of Finance stated that the first phase of the program "was successful among both volunteers and retailers." The Ministry indicated that future phases should focus on leveraging stablecoins to create a larger ecosystem and establish a legal framework.

Previously reported, the Pacific island nation of Palau will launch a USD-backed stablecoin pilot project. This stablecoin will be issued on the XRP Ledger and is the latest project running on the Ripple CBDC platform. The country will distribute the first batch of Palau Stablecoins (PSC) to official employees involved in the pilot project.