Palau to Freeze USD-Backed Stablecoin After Pilot Launch in July

Palau, located in the western Pacific Ocean, is concluding its United States dollar stablecoin initiative after launching a pilot program in August.

Jay Hunter, a representative from the Palau Ministry of Finance and head of the digital residency program, announced via social media that the government will stop the distribution of the Palau Stablecoin (PSC) on September 8.