**Palau Launches Second Phase of PSC Program in Collaboration with Ripple for CBDC Advancement**

*Summary:*
The Ministry of Finance of Palau has officially initiated the second phase of its Palau Stablecoin (PSC) program. This launch, which was confirmed by Jay Hunter Anson, a cybersecurity consultant in Palau and adviser to the Ministry of Finance, includes an extension of the partnership with Ripple. This collaboration will enable the PSC team to harness Ripple’s central bank digital currency (CBDC) platform and technical expertise. Additionally, the second phase aims to establish new collaborations for marketing, sustainable development goals, and prioritize the development of a digital ecosystem and increased user engagement, emphasizing adherence to regulatory compliance. This initiative also showcases the advantages of blockchain-based digital currencies, citing benefits such as reduced transaction fees and the potential to address the environmental impact of money circulation.

Palau has successfully completed the first phase of the PSC program, involving 168 volunteers from government employees who provided positive feedback about their experience with the digital currency.

Palau’s Ministry of Finance announced the success of the first phase of the PSC program on Dec. 7. The first phase, spanning three months, involved 168 volunteers from government employees. The chosen volunteers received 100 PSC each to use at local retailers participating in the program. Participants made payments through their mobile phones by scanning a QR code. The participating retailers and volunteers provided positive feedback about their experience with the digital currency.

**Palau Advances CBDC with Ripple in Phase 2 of PSC Program Launch**

The Ministry of Finance of Palau has recently launched the second phase of its Palau Stablecoin (PSC) program. This development was confirmed by Jay Hunter Anson, a cybersecurity consultant in Palau and adviser to the Ministry of Finance. The program’s second phase aims to extend its partnership with Ripple, allowing the PSC team to leverage Ripple’s central bank digital currency (CBDC) platform and technical expertise. PSC is a digital currency pegged to the United States dollar, which uses Ripple’s XRP Ledger.

Moreover, the second phase of the PSC program focuses on establishing new collaborations for marketing and sustainable development goals. It also prioritizes the development of a digital ecosystem and increased user engagement, emphasizing adherence to regulatory compliance. Anthony Welfare, CBDC strategic adviser at Ripple, emphasized the advantages of blockchain-based digital currency, such as reduced transaction fees and the potential to address the environmental impact of money circulation.

The success of the first phase of the PSC program was announced on Dec. 7, with 168 volunteers from government employees participating and providing positive feedback about their experience with the digital currency.

*Frequently Asked Questions*

1. **What is Palau Stablecoin (PSC)?**
Palau Stablecoin (PSC) is a digital currency pegged to the United States dollar, and it utilizes Ripple’s XRP Ledger.

2. **What are the key objectives of the second phase of the PSC program?**
The second phase aims to extend the partnership with Ripple, establish new collaborations for marketing and sustainable development goals, prioritize the development of a digital ecosystem and increased user engagement, and emphasize adherence to regulatory compliance.

3. **What were the outcomes of the first phase of the PSC program?**
The first phase involved 168 volunteers from government employees who received 100 PSC each to use at local retailers participating in the program. They made payments through their mobile phones by scanning a QR code, and both retailers and volunteers provided positive feedback about their experience with the digital currency.