Tridib was instrumental in introducing blockchain and crypto to the Government of Palau. As a result of his efforts, Palau is proceeding with implementing crypto and blockchain in their systems.
The government of Palau is set to launch a pilot project for a U.S. dollar-backed stablecoin, the Palau Stablecoin (PSC), which will be issued on the XRP Ledger. The stablecoin’s initial release will see PSC disbursed to government employees.
The release comes after days of testing with volunteers making purchases with various devices. The stablecoin, nicknamed the Kluk, is the latest project that runs on the Ripple central bank digital currency (CBDC) platform that launched in May.
When the platform launched, Ripple said it was in negotiations with more than 20 global governments on issuing their central bank digital currencies. Ripple’s partnership with Palay, however, predates the platform’s launch, as it was announced back in 2021.
Located amidst the islands of the Oceania region in the Pacific Ocean, Palau is a tiny island nation home to just over 18,000 residents. Notably, Palau employs the U.S. dollar as its national currency and has a digital residency program.