Palau To Freeze USD-Backed Stablecoin
After launching the pilot in August, the Pacific island nation of Palau is now wrapping up its US dollar stablecoin project.
The government will stop distributing the Palau Stablecoin (PSC) on September 8 according to Jay Hunter, a member of the Palau Ministry of Finance and the director of the digital residency programme, who made the announcement on X.
Palau Stablecoin will also be frozen after September 15 and will no longer be available for user transactions, according to Hunter. He added:
“After Sept. 15, you will no longer be able to spend the PSC. This will give us time to process retailer redemptions before the pilot’s official termination at the end of the month.”
Hunter only mentioned that the government will send a survey to pilot participants the following week in the announcement, failing to specify the precise reasons for freezing the stablecoin. The action was taken a few weeks after the government’s late-July PSC launch.
(With inputs from Shikha Singh)
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